Forbo International SA (Forbo), a leading Swiss flooring manufacturer, has acquired the flooring business of Low & Bonar Plc (Bonar Floors). Along with seven production facilities in Europe (in France, the Netherlands and Great Britain, among others), the acquisition included the distribution centres in Germany, Austria, the Czech Republic and Slovakia with approx. 800 employees and annual sales of approx. EUR 142 million. The acquisition will allow Forbo to expand its global presence and significantly strengthen its market position as a supplier in the flooring market. The transaction still requires the consent of the shareholders of Bonar Floors and the relevant supervisory authorities. According to information from Forbo, the deal is worth GBP 123 million (approx. EUR 157 million) (debt and cash-free).
The following Gleiss Lutz team advised Forbo: Dr. Ralf Thaeter (lead partner), Dr. Patrick Binzel (both corporate/M&A, commercial, Berlin), Dr. Petra Linsmeier (partner), Dr. Iris Buckenleib (both antitrust, Munich), Dr. Nicole Cramer (employment, Berlin), Dr. Rudolf Rentsch and Josef Bartoš (both corporate/M&A, Prague).
The overall transaction was coordinated by Herbert Smith LLP, which was led by Stephen Hancock (partner), Jonathon Earl and Robert Moore (all corporate/M&A, London).
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