Loba-Wakol LLC (Pineville, N.C.) announced that Germany-based Wakol Group will increase its stake in the company, becoming its majority shareholder.
Because Wakol is owned by Ardex, Loba will become a part of the International Ardex Group.
Loba’s name, brand and sales structure will be unchanged by the shift, and contacts for customers and suppliers will remain the same. Organization and personnel within both companies will also remain unchanged.
The transaction is expected to be finalized by the end of November.
“The international operations of the Ardex Group offer excellent opportunities to continue growing and to lead Loba into a successful future,” Managing Partner Michael Fischer said in a statement. “I am most delighted that our shareholders unanimously supported this step and that we have been able to win such substantial partners for Loba.”
Following the shift, Loba’s location in Ditzingen, Germany, will expand as a development and production center for surface finishing within the Ardex Group. Loba will also increase its activities in finishing resilient floor coverings and cementitious surfaces.
Wakol CEO Christian Gross said in a statement that the 20-year relationship between Loba and Wakol will be strengthened by the shift.
“I am convinced that the Ardex Group offers great opportunities for both companies, whilst at the same time preserving the values and culture of a family business,” Gross said.
Ardex Group CEO Mark Eslamlooy said the partnership with Loba will allow Ardex to further expand in the field of flooring systems and surface finishing.
“The strong international orientation and the extremely high level of commitment of the people involved have convinced us that Loba is the ideal partner for us,” he stated.
The Ardex Group acquired Wakol in 2015.
