Acquisition of Cafro S.p.A by Mirka Oy (KWH Group)
Mirka Oy, part of the Finnish family owned KWH Group, is a market leader in surface finishing technologies, offering comprehensive sanding solutions, a wide range of abrasive and polishing products and innovatively designed tools for high quality surface finishing.
In 2016, Mirka achieved a turnover of 240 MEUR, of which 96% was generated by exports. The company employed 1,100 professionals in Finland as well as in its 16 subsidiaries worldwide. Mirka Oy wanted to quickly expand its product and service portfolio into superabrasives, often used by Mirka’s existing clients in addition to Mirka products, which led the company in deciding to acquire a company already operating in this field.
Carner conducted a market survey on interesting companies operating in the field and examined the sale interest of targets selected by its local IMAP colleagues. Meetings were then arranged with the selected companies. Mirka Oy ended up acquiring 100% of the shares of Cafro S.p.A., an Italian company that manufactures diamond and boron nitride tools. Cafro is a market leader in the field of diamond and CBN wheels as well as PCD and PCBN tools. In 2016, Cafro achieved a turnover of 10 MEUR, of which 43% was generated by exports. Cafro employs 79 persons at its production facility in Como, Italy, as well as 25 persons as sales representatives in various export destinations. Cafro’s specialized knowledge and industrial manufacturing capabilities and Mirka’s global market presence created an excellent match for rapid business expansion.
Our main value creation components were:
- Initiation of the potential transaction leading to exclusive one-to-one negotiations
- Company and market information gathering and analysis
- Letter of Intent negotiations and assisting in Due Diligence findings’ communication and final SPA negotiations
KWH Group is an Ostrobothnian family company that produces and markets abrasives and plastics and provides logistics services.