Transaction

Clearwater advises Sorefoz on its sale to TESTA Group

Transaction

Sorefoz sold to TESTA Group

Sell-side

Undisclosed

Role

Adviser to Sorefoz on its sale to TESTA Group

Sector

Business Services

Region

Portugal

Clearwater has advised the founding shareholders of Sorefoz on the sale of an 81% stake in the business, to TESTA Group.

Sorefoz is a leading operator in the distribution of home appliances, telecommunications and micro informatics, in Portugal. The company intervenes in the market as a purchasing centre, providing services such as logistics, to a network of c.260 associated retailers with a common identity (Tien 21 and Confort), with c.1,200 independent retailers, and other players in the market.

TESTA Group is a holding company invested in several business areas, including natural smoke ventilation and daylight solutions, fire and smoke curtains, doors (fire-rated, acoustic, security, bullet protection), fire glazing systems (passive fire protection), heat resistant products (furniture/fit-out), and wholesale/retail.

With this acquisition, TESTA Group becomes the Portuguese market leader in the wholesale appliances sector, following the acquisition of Macorlux last year.

wholesale distributor warehouse

We are optimistic about Sorefoz's ability to innovate and accelerate its growth from now on, with the support, solid financial structure, and long-term vision of the Group.

Pedro Morgado, CEO of TESTA Group
wholesale distributor warehouse

The integration of Sorefoz into TESTA Group is positive for the future of the company, its workers, and the development of its associated and independent retailers. This transaction occurs precisely 40 years after the foundation of Sorefoz by the founding shareholders, making it a natural transition in the current phase of our lives. We wish the best success to TESTA Group, for the future of Sorefoz, and the whole group. We would like to thank the support of Clearwater during the whole process, which involved many complex phases, during which it was fundamental to keep up the momentum and gather conditions to complete the transaction successfully.

Fernando Cardoso, outgoing CEO and founding shareholder of Sorefoz

Sorefoz became an undisputable market leader in the distribution of home appliances in Portugal, under the dealership of its founding shareholders. We are pleased to have advised the shareholders of Sorefoz on this transaction, consisting of a generational shift to all stakeholders of the business. We wish great success to TESTA Group on this new acquisition and congratulate them for their entrepreneurial and professional mindset.

Jose Lemos, Partner, Clearwater

Advisers

Transactions