Private equity firm Mid Europa Partners said it has bought 92.4% of Croatian cement maker Istra Cement from Germany’s HeidelbergCement for an undisclosed sum.
"The contract for the deal was signed on Friday," said Robert Knorr, a director of Mid Europa Partners, who led the transaction.
Besides Heidelberg Cement’s 92.4% stake in Istra Cement the transaction includes two trading units based in Germany and the United States.
Mid Europa Partners said it would use its presence in Croatia and in neighbouring Slovenia, where it is also active, to explore investment opportunities in other countries of former Yugoslavia.
Knorr said the company was interested in developing other projects in the region in the fields of telecommunications, cable television and manufacturing and consumer goods. He added Mid Europa Partners was particularly interested in cement, building materials, machinery and aluminium industries.
Mid Europa Partners agreed last month with HeidelbergCement to buy the calcium aluminate cement business division of the group, Heidelberger Calcium Aluminates.
Mid Europa Partners ( www.mideuropa.com ) invests in businesses based in or with significant exposure to central and eastern Europe, with a focus on the new European Union member states and the EU accession candidate countries.