Nabil Group buys three Partex units in likely Tk1,500cr deal
With this acquisition, the Rajshahi-based conglomerate, founded in 2006, is expanding beyond its stronghold in food commodities into the consumer durables market
Highlights:
- Nabil Group acquires three Partex Star units for about Tk1,500 crore
- Deal expands Nabil from food commodities into consumer durables sector
- Acquisition includes particle board, furniture, and PVC manufacturing units
Commodity giant Nabil Group has acquired three manufacturing units of Partex Star Group – particle board, furniture, and PVC divisions – in a deal likely involving around Tk1,500 crore.
With this acquisition, the Rajshahi-based conglomerate, founded in 2006, is expanding beyond its stronghold in food commodities into the consumer durables market.
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Md Aminul Islam, founding managing director and CEO of Nabil Group, confirmed the purchase to The Business Standard. He, however, did not disclose the deal amount, saying a formal announcement will be made next month.
Industry insiders say the deal could be worth around Tk1,500 crore.
The group has already started recruiting manpower for the newly acquired factories through newspaper advertisements.
"There are around a dozen banks involved in the process. It will take some time to complete the full takeover," Aminul Islam said, adding that the company is also addressing worker-related issues, as nearly 3,000 employees work in the particle board units that Partex has operated for the past six decades.
Attempts to reach Aziz Al Kaiser, chairman of Partex Star Group, for comments on the sale went unanswered.
According to Nabil Group, it is the largest importer of several commodities, including wheat, lentils, peas, and soybeans. The group accounted for one-fourth of the country's wheat imports last year, almost half of total lentil imports, and more than 50% of pea imports. The group also imports rice and soybeans.
It is currently the second-largest rice producer, with a daily production capacity of 1,364 tonnes.
Nabil Group imported goods worth $1.21 billion in the fiscal 2023-24, a milestone of the billion-dollar club, which not more than half a handful of conglomerates have.
Partex Star Group owns and operates 20 manufacturing, service and trading concerns. The group's business primarily exists in two different areas – consumer durables like different types of boards (particle board, veneer board, melamine faced chip board, plywood, PVC sheet), doors and door frames & furniture, to FMCG like dairy products, cookies, spices, etc.
