Faus Group based in Valencia, Spain with a U.S. arm based in Calhoun, Ga., has been acquired by its current senior management team. Led by chairman and CEO Juan Negre, management secured the transaction with backing from a financial group and a Spanish investment group. Terms of the deal were not disclosed.
Negre noted that the move is in keeping with Faus' efforts to broaden its presence worldwide. "The change comes at a crucial moment to support the global expansion of Faus," he said.
"The new ownership will positively impact the company's partnerships with key customers in the U.S. market," said Juan Flores, President of Faus.
Faus senior management and members of the backing financial group will hold the majority of seats on the board of directors, according to the company.
Faus management buys the company; "Positive impact for the U.S. market"
June 1, 2006