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CIN, Boero Reach Financial Agreement

Wednesday, February 10, 2021

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Portugal-based coatings company CIN has reached an agreement with the Boero Group, an Italian coatings company established in 1831 that focuses on both architectural and naval coatings.

According to CIN, the relationship between the two companies started a few years ago, when CIN acquired a small stock market stake in Boero. Recently, the Portuguese company increased the stake to 13%.

CIN

Portugal-based coatings company CIN has reached an agreement with the Boero Group, an Italian coatings company established in 1831 that focuses on both architectural and naval coatings.

“This alliance of two family companies with very clear expansion goals and ambitions opens interesting perspectives to the development of both,” said CIN CEO João Serrenho. “Boero will continue to develop its activity from Genoa, and Rivalta Scrivia, maintaining its identity and management.”

Now, with the most recent transaction, CIN achieves a dominant position in Boero while the Boero family still holds a significant stake in the company. This consolidation aims to grow the companies’ European presence.

Boero ended 2020 with a turnover of 90 million euros, while CIN came in at 234 million euros; this puts the combination of the companies at 340 million euros.

“A solid and friendly company, with an entrepreneurial culture and a high level of production standards that guarantee security and confidence on the beneficial effects of this union,” said Boero CEO Andreina Boero.

“Boero's cross-border expansion strategy now, with CIN by its side, has the solidity and the dimension needed to face competition with greater vigor, maintaining our identity and brand values.”

The financial terms have not been disclosed.

   

Tagged categories: Acquisitions; Business matters; CIN; EMEA (Europe, Middle East and Africa); EU; Good Technical Practice; Mergers

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