Faze Three has acquired 76% stake in Pana Textil GmbH (Pana) for a total consideration of Euro 5.8 million. Pana Textil GmbH; a brand which is over 50 years old is one of the leading manufacturers of Bathmarts in Europe.
With this acquisition the company have complete access to the manufacturing facilities of Pana which are strategically located in Germany and Hungary. More importantly, this will bring the company closer to its customers, but also enable it to increase its footprint in the highly quality conscious European market. Both companies will work closely and complement each other in areas such as cost competence, design capabilities, technology, wide product portfolio and systems & processes. With this acquisition, the company now offers all products related to this category.
The company made this announcement during the trading hours today, 13 November 2007.
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