Coveright Surfaces Holding GmbH (Coveright Group) has sold all shares in Coveright Surfaces Spain S.A.U. (Coveright Spain) to the Spanish investment fund Sherpa Capital. Financial details of this transaction have not been made public.
The Coveright Group is a leading manufacturer of impregnated paper used in surfaces for furniture, flooring, buildings, derived timber products and motor vehicles. The company’s headquarters are in Essen, Germany with production facilities in Europe and America. The sale of the Spanish operation is part of a divestiture program across the company's international divisions. Parallel to this divestment, agreements have been made on technology transfer and the continued use of the company name Coveright Spain. The new owners will also continue to run the company under the existing management.
Josef Kagon, CEO and David Miers, COO of the Coveright Group welcomed the transaction as a positive step for the future development of Coveright Spain.
Eduardo Navarro, CEO of Sherpa Capital, commented: "Coveright Spain is an outstanding company with a great strategy and a very professional team. We are very excited with our investment in the company and its vision for the future."
Oaklins' team in Germany advised Coveright Group in this transaction. Having also advised on the divestment of the Malaysian (2009) and the Russian (2010) subsidiaries, this is the third cross-border transaction that the German team has closed for Coveright Surfaces Holding in two years.
Dr. Florian von Alten
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