09 October 2019

PGZ completes sale of painting tool business to Orkla

PGZ completes sale of painting tool business to Orkla

This is an original press release of Orkla

Orkla House Care has completed an agreement to take over the remaining 50% of the shares in the joint venture company Anza Verimex Holding. Since 2018, Orkla House Care has owned 50% of the company which is market leader in the sale and distribution of painting tools in the Netherlands and Belgium.

The business that is to be transferred consists of Anza Verimex Holding B.V. (Netherlands) and its two subsidiaries PGZ Nederland B.V. (Netherlands) and Anza Verimex NV (Belgium). In future, the companies will be operated under the name Orkla House Care Benelux.

“The companies that will constitute the future Orkla House Care Benelux are developing favourably and are an attractive platform for further growth. We look forward to continuing to build on the strong Anza and SAM brands, and to develop the painting tool category in Benelux,” says Johs Høeg, CEO of Orkla House Care.

Through its Orkla House Care business unit, Orkla is a leading supplier of painting tools in the Nordic region and the UK, and one of Europe’s largest painting tool manufacturers. Now Orkla House Care Benelux will also be a wholly-owned part of the Group’s painting tool operations.

The joint venture partner that is selling its equity interest is the concepts and logistics service provider PGZ International B.V. The companies involved in the transaction had an aggregate turnover of just under EUR 20 million (approx. NOK 200 million) in 2018 and around 10 employees. The business is currently headed by Erik Hoevenaars, who will continue as head of Orkla House Care Benelux.

While the joint venture was partly-owned by Orkla, the business’s profit has been reported as “profit from associates and joint ventures” using the equity method, but as of 1 October 2019 the wholly-owned company will be consolidated into Orkla’s financial statements.

Orkla ASA

Oslo, 9 October 2019

Press release