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. Pervanovo said its intention is to acquire 100% of the shares of Spin Valis, which is one of Croatia's largest manufacturers of solid oak furniture and 420 employees, and the company will be renamed Bjelin Spinvalis. The acquisition requires approval from the antitrust authorities.
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. Spin Valis will be renamed Bjelin Spinvalis.
"We are pleased that we have now completed our fifth acquisition in Croatia," said Darko Pervan, owner and CEO of Pervanovo Invest AB. "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."
Pervan said the company's goals are to commercialize the company's patented technologies through production and sales, expand the Spin Valis company's furniture production by implementing Välinge's click-furniture technology, and introduce Woodura hardened wood technology into furniture applications.
"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.
Stjepan Vojinić, CEO of Bjelin Industries, said:
"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.”
