Pervanovo, the parent company of Bjelin industries in Croatia and Välinge Group in Sweden, has through its subsidiary Välinge Croatia signed an agreement to acquire 85% of the shares in the Croatian furniture company Spin Valis. The intention is to acquire 100% of the shares. The acquisition means that large-scale production and marketing of furniture with Välinge's click technology can be achieved faster than originally planned and the availability of oak material will increase. The acquisition requires approval from the antitrust authorities. Spin Valis will be renamed Bjelin Spinvalis.
Spin Valis is one of Croatia's largest manufacturers of solid oak furniture. Production also includes elements, glued solid boards and electricity based on bioenergy and solar panels. Spin Valis in Požega, Croatia, has 420 employees.
"We are pleased that we have now completed our fifth acquisition in Croatia. Major investments in new technology, buildings and machinery have been made at all production facilities. With our new facility in Ogulin, where we are building the largest wood flooring factory in Europe, our Croatian group of companies will be very efficient and competitive, especially in oak-based products. Spin Valis and all our other Croatian companies are very profitable. The acquisition of Spin Valis will increase our sales in Croatia by € 30 million to € 170 million and our operating result for 2022 will exceed € 40 million. Our intention is to continue developing Spin Valis as a premium furniture producer and together with our furniture production at Bjelin Spacva, our aim is to become one of the leading furniture manufacturers in Europe in our field " says Darko Pervan, owner and CEO of Pervanovo Invest AB.
"Our goal is to commercialize our patented technologies through our own production and sales. We believe that we can greatly expand the Spin Valis company's furniture production by implementing Välinge's click-furniture technology. Further we will introduce our Woodura® hardened wood technology into furniture applications as well. We believe that our international sales staff and our online sales can greatly contribute to the growth of Spin Valis furniture sales. In addition to the new production of high-capacity floors based on Woodura technology in Ogulin, we plan to invest in a new core material factory that will make our future production of floors and furniture even more integrated and cost efficient" said Niclas Håkansson, CEO of Välinge.
"The takeover of Spin Valis will significantly increase our production and sales, and the number of employees will increase to a total of 2,200. Our investments in Croatia have created hundreds of new jobs so far, and all our facilities are very modern and efficient. Coordination of production and sales will significantly increase profitability, especially when it comes to oak products such as solid furniture, three-layer parquet, lamellas, veneer, elements, and glued panels but also pellets and briquettes for bioenergy. We already hold a strong position on the European market of oak products, and it will strengthen even more when our new investments in the production of wooden floor with Woodura®-coverings and in new veneer production capacities in Bjelin Spačva and Bjelin Otok become operational during 2023 and 2024. It is also important to point out that with the acquisition of Spin Valis, we are strongly entering the production of green electricity and thermal energy, which will further contribute to the sustainability of our products.” says Stjepan Vojinić, CEO of Bjelin Industries.
The members of the Management Board and Supervisory Board of Spin Valis are also extremely satisfied with the outcome of the process.
"We can say with pleasure that the key goal of the process of our exit from ownership has been achieved. We are handing Spin Valis over to an experienced and innovative new owner who has over 3,000 patents and is known for his excellent attitude towards employees. I wish everyone the best of luck and I am sure of the long-term success of this venture," says the president of the Spin Valis Supervisory Board, Vinko Pisarović.
For more information, please contact:
CEO Välinge Innovation