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Deloitte Romania and Reff & Associates assisted Knauf Insulation, the insulating materials manufacturer, in the takeover of the Gecsat glass mineral wool factory in Romania

Deloitte Romania and Reff & Associates | Deloitte Legal assisted Knauf Insulation, one of the world’s largest manufacturers of insulation solutions and part of the German Knauf group, in taking over the glass mineral wool factory Gecsat SA located in Tarnaveni, Mures county. The transaction was completed following the notification of the Competition Council.

After the takeover of the factory, Knauf Insulation has started an extensive modernization process, to bring the space and the production line at Knauf standards and to allow the factory to produce glass mineral wool at the highest quality standards while protecting the environment.

Adrian Garofeanu, General Manager of Knauf Insulation Romania and Bulgaria: “We really appreciate the level of services offered by Deloitte Romania teams and their intense work during the entire process. It was a complex transaction, which requested a high level of expertise form the financial, legal and tax advisors of Deloitte.”

A multi-disciplinary team of Deloitte Romania experts and lawyers from Reff & Associates | Deloitte Legal has provided to Knauf Insulation financial and fiscal due diligence services, as well as legal assistance throughout the entire transaction process, from structuring, to legal due diligence and negotiation, to signing and completion, as well as post-transaction legal services. The financial advisory team involved in the project was made of Radu Dumitrescu, Partner-in-Charge, Ionut Vasilescu, Manager, and Sorin Rugina, Senior Associate, the Reff & Associates | Deloitte Legal team consisted of Georgiana Singurel, Partner, Diana Fejer, Senior Managing Associate, Andreea Zaharia, Managing Associate, Maria Nitulescu, Managing Associate, Florin Grumeza, Senior Associate, Florentina Munteanu, Partner, Mihnea Radu, Senior Associate, Calin Cosma, Senior Associate, Gabriela Ilie, Senior Managing Associate, and Irina Picos, Senior Associate, while the tax team was made of Dan Badin, Partner, Ioana Nastase, Senior Manager, and Silvana Balea, Senior Manager.

Radu Dumitrescu, Financial Advisory Partner-in-Charge, Deloitte Romania: “Our multi-disciplinary team of financial advisors, tax experts and lawyers has worked intensively on this project that will impact not only the life of the community in which the factory operates, but also the future of the insulating materials market in Romania, given that, through this takeover, Knauf Insulation enters the production segment of its market.”

Deloitte provides worldwide audit, consulting, legal, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories, bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. Deloitte’s goal is to make an impact that matters through its more than 345,000 professionals.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through over 2,600 professionals.

Reff & Associates | Deloitte Legal is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition law, employment law, energy and environment law, insolvency law, legal management consulting, litigation, mergers and acquisitions, public sector, real estate. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

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