Biesse, a multinational operating in the market of machinery and systems for working wood, glass and stone, has signed a contract for the purchase of the Center Gain Group of Hong Kong for an outlay of approximately 9,6 million euros.
The transaction will be settled in several tranches within the next three years “starting from the completion – explains a press release – of the transaction using the existing credit lines and in the approval stage. The funding for the transaction will be provided to the vehicle company Biesse HK Ltd through progressive intercompany financing up to a maximum of 8,2 million euro. Pending the transaction, which will be finalized within 30 days of signing the contract, one of the 3 founding partners of the Center Gain Group, Chris Kwong, will become the holder of 30% of the shares of the vehicle used for the transaction, assuming the role of CEO ”.
The consolidated turnover of Center Gain was approximately 12 million Euros in fiscal year 2010. Chris Kwong has been working in the woodworking machinery sector for 25 years and has had collaborations with Biesse since 1999. Center Gain has been active since 2004 in the production and marketing of woodworking machinery.
