An affiliate of Sun European Partners, LLP (“Sun European Partners”) has announced the acquisition of a majority interest in Prodac NV (“Prodac”), the Belgian based stockistmerchant focused on secondary and excess steel.
Founded in 1966 Prodac takes physical possession of steel goods before selling to a broad spectrum of manufacturers and distributers. The company has a diversified global customer base with significant exposure in Europe, Asia, the Middle East and South America. Prodac has two custom warehousing facilities in the port of Antwerp, Belgium.
Inga Verbeeck, CEO of Prodac commented: “Prodac developed as a family business and it is important for us to have a partner who shares our vision to drive the company through creativity and flexibility. The business today is in an exciting position with considerable opportunities to improve and expand, including (i) improvements in sourcing, (ii) developing additional sales channels, and (iii) expanding capabilities downstream to include higher value–add activities. Capitalising on these opportunities will be to the benefit of our employees, our customers and our suppliers.”
Matthias Gundlach, Vice President of Sun European Partners added: “Having traded since 1966, Prodac has built outstanding relationships with both suppliers and customers; relationships that will be critical in achieving future growth. As a stockistmerchant of this size, the company is uniquely placed to drive economies of scale and to augment the specification of products available to the end user.” We look forward to working with management to further enhance Prodac’s already considerable expertise and to extend its reach within the global steel market.
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