Maravela | Asociatii has assisted Standex International Corporation with its first investment on the Romanian market: the acquisition of the Romanian branch of the Piazza Rossa Group. Other firms advising Standex on the transaction, which closed at the beginning of August, included Italy's Sinescu & Nazat, Mondini & Resconi law firm and Lazzari Law Firm.
According to Maravela | Asociatii, the Piazza Rosa Group, which was founded in 1983 near Venice, Italy, "has market leading capabilities in polishing, laser welding, laser hardening, laser cladding and repair/maintenance services. Piazza Rossa Group operated three facilities: one in Italy, one in Romania, and one in Mexico." According to the firm, Standex, which was founded in 1995 and currently employs over 5,400 people world-wide, "holds 12 operating units, organized into five reporting segments: Food Service Equipment Group, Engraving Group, Engineering Technologies Group, Electronics Group, and Hydraulics Group." The Romanian subsidiary of Piazza Rossa acquired by Standex will be folded into its Engraving Group.
A Maravela | Asociatii team coordinated by Managing Partner Gelu Maravela and including Tax Partner Felix Tapai and Of Counsel Stelios Savva provided assistance on all tax-related aspects of the transaction, including tax-related due diligence and U.S. GAAP reporting of all Romanian jurisdiction tax records.