Zeritis Group announces the completion of the acquisition of the remaining 16.3% of Budafok Recycling Zrt., based at Szentendre, Hungary, and becomes the sole shareholder of the company.
Following the transaction, Zeritis Group plans to complete a capital increase plan of EUR 0.5 million, fueling thus the company’s growth while feeding the business with fresh working capital.
Georgios Bakos, General Manager of Zeritis Group, commented: “The Group’s holding team will be hands on with this project to ensure proper execution and increase of market footprint; focus shall be given on credit control and customer service as well on supporting the local management team to optimize the production process and expand raw material sourcing channels.”
Manos Saridakis, Finance Manager of Zeritis Group, added: “We are looking to strengthen our initiative, having the support of a local banking institution that will assist us throughout the project. Since cash is king in the waste paper sector, the existence of proper financial instruments shall unlock the potential of the company and set the foundations for its upcoming growth.”
Smart Legal Schmidt & Partners acted as the legal advisor on the deal for Zeritis Group.
Athens, Greece, August 3rd, 2021 – Zeritis Group announces the closing of the divestment of 100% of Budafok Recycling Zrt. The sale comes as part of Zeritis Group’s strategy to divert its focus from controlling stakes in capital-intensive manufacturing sectors to diversified investments across disciplines and asset classes. Simultaneously with the divestment, Zeritis Group has […]
Zeritis Group announces the lease of 700 m2 at the Zeritis Business Park | Szentendre, an industrial and logistics plot ideally located by Route 11 at Dózsa György út 22. Housed on Building B, a newly renovated space in a large industrial building which is being converted gradually into a commercial asset having suitable private […]
