RAK Ceramics, one of the largest ceramics brands in the world, has signed a Share Purchase Agreement in order to acquire a 100 percent stake in German specialty kitchen and bathroom brand KLUDI Group.
According to the statement, “KLUDI Group includes KLUDI GmbH & Co KG, Scheffer Beteiligungs GmbH, KLUDI Armaturen GmbH & Co KG, KLUDI Armaturen GmbH, Austria, KLUDI Management GmbH and KLUDIRAK, UAE.”
The strategic acquisition of KLUDI Group represents an opportunity for RAK Ceramics to strengthen its growing existing core businesses across German and European markets.
“This acquisition of KLUDI Group aligns to our growth strategy and commitment to strengthen our presence in core markets and focus on core products. It provides RAK Ceramics with the opportunity to spearhead our expansion into European markets and enhances our positioning in projects across the sanitary ware and faucets business. The acquisition, built on a long-standing partnership and a shared vision, opens up new opportunities for KLUDI Group as we aim to develop this historic and established European faucet brand further by funding its strategy and driving forward modernization and digitalization of the brand. This will also provide an opportunity for KLUDI Group to leverage on RAK Ceramics network to push further faucets value.”
Mr. Julian Henco, Group CEO, KLUDI Group said that, “I am confident that this transaction will be extremely beneficial to all parties involved, including customers and shareholders. KLUDI Group is now a more robust, world-class taps and faucets brand that is well-positioned to capitalize on RAK Ceramics’ extensive network to expand our product offering to markets that would not have been possible otherwise.”
As per the statement, the transaction is conditional upon regulatory approval, and both parties are working closely to finalize the transaction which is scheduled to be implemented by May 31, 2022.
KLUDI Group is an established leading Germany-based company engaged in manufacturing high-quality kitchen and bathroom faucets and showering systems. The company has a manufacturing footprint across Germany, Austria, Hungary, and the UAE, which incorporates cutting-edge and innovative German-engineering technologies.