Frem Industrial Group, member of INDEVCO Group of Companies (INDEVCO Group) is pleased to announce the acquisition of “Haitoglou - Hartel SA” business, through a prepack rehabilitation agreement ratified from the Thessaloniki Multi-member Court of First Instance.

INDEVCO Group is a global diversified manufacturing, technical and consultancy services group with presence in Greece since 2009 through its Unipak Hellas affiliate. Following the acquisition of “PAKO” in 2018, and in line with the group’s strategy to make Greece the business hub of its South East European operations, INDEVCO Group is confident that the acquisition of “Haitoglou - Hartel SA” business will further contribute to the shaping of a vertically integrated paper and packaging group with a leading position in the market. This acquisition is part of the INDEVCO Group investment plan involving significant expenditure in Greece, creating new job opportunities and adding value to the Greek industrial sector.

“Haitoglou - Hartel SA”, member of “Haitoglou Group”, operates in the field of corrugated board production and corrugated cardboard since 1979 and is one of the largest players in the market.

The ratified rehabilitation agreement provides for significant payments to financial institutions, Greek State, Social Security Institutions and trade suppliers, and secures the employment of Hartel staff. INDEVCO Group has also put in place significant plans to transform the production capabilities of Hartel.

Fayssal Frem, member of the Board of Directors of the INDEVCO Group of Companies, and who is leading the INDEVCO Group activities in Greece, says:

“Hartel-Haitoglou SA has always been considered to be a reliable supplier of products to Unipakhellas (the corrugated cartons subsidiary of INDEVCO Group in Greece), our relationship dates back to 2013 and this acquisition is regarded as a business continuation with a lot of strategic fits.

The team at Unipakhellas is very excited to welcome the Hartel team into the family, I am certain they will both do a great job consolidating Unipakhellas product portfolio and supply chain for the benefit of all stakeholders. This acquisition will provide a comparative advantage for Unipakhellas to reach customer across all areas of the Greek market as well as an export base to neighboring ones.

Owing to the local talents of the human capital and the optimism that Greece is only set for a positive economic prospective, the expansion plans of the INDEVCO Group in Greece are solid and ongoing, we shall not stop investing in people developmental plans and in our Greek manufacturing infrastructure to maintain World Class standards.”

The transaction has already received the approval of Hellenic Competition Commission. Closing of the deal is expected to occur within the following months.

PricewaterhouseCoopers Business Solutions SA (PwC) and M. Psylla - V. Vizas - G. Katrinakis Law Firm, member firm of the PwC Global Legal Network, acted as the exclusive financial and legal advisors to INDEVCO Group.