Italian speciality chemical distributor Eigenmann & Veronelli has signed an agreement to acquire the majority shareholding in Polish counterpart Cornelius Polska.
Established in 2007 and headquartered in Warsaw, Poland, Cornelius Polska is active in the beauty & personal care, food, and industrial markets.
Employing 28 people, Cornelius Polska reported annual revenues of around €16m ($18.8m) last year.
Eigenmann & Veronelli said the acquisition would strengthen its presence across Europe and unlocks new growth potential in the beauty and personal care, food, and industrial markets.
“This is an important milestone in expanding our footprint in Europe,” added CEO Gabriele Bonomi.
“Cornelius Polska brings deep local market knowledge, a loyal customer base, and a strong platform for growth across multiple applications, making it a real asset for our partners, teams, and suppliers across Europe.
“We are also pleased to welcome a highly experienced and skilled team that will add significant value to our organization and ensure continuity in established customer and supplier relationships.”
Dr. Neville Prior, chairman of the Cornelius Group, added: “Cornelius Polska has been an important part of our organisation for many years, and we are extremely proud of what the team has accomplished.
“I am confident this transition will deliver lasting value for customers and partners.”
The transaction is subject to customary regulatory approvals and closing conditions, and completion is expected this quarter.
Financial terms of the deal were not disclosed.
