Korsando Limited (Cyprus), controlled by Millstone & Co investment company, acquires 50% of the manufacturer of LED lighting systems INTELTECH Ukraine LLC (Kyiv), 100% of which is owned by U.S.-based ITW SYSTEMS.
According to the information on the website of the Antimonopoly Committee of Ukraine, the agency granted Korsando Limited permission to acquire a stake in the charter capital of INTELTECH Ukraine LLC, which provides the buyer with over 50% of the voting shares on the company's board.
"For Millstone & Co, ITW SYSTEMS is interesting as one of the world leaders in the field of LED lighting. Therefore, we are glad that we were chosen as a financial partner, since we see the prospect not only of the Ukrainian market, but of the European and world markets," the investment company told Interfax-Ukraine.
According to an official press release from Millstone & Co, the companies will develop the efficient lighting industry for municipal and industrial sectors on an equal footing, with a 50/50 share capital.
The founder of ITW SYSTEMS, Alex Lopatin, emphasized the interest of the financial partner in entering the business, since this will allow obtaining additional liquidity for the implementation of project assignments and expanding the company's presence in the world markets.
"Experience of work in the European market and the ability to conduct high-quality financial expertise makes cooperation with Millstone & Co interesting for ITW SYSTEMS," Lopatin said.
Millstone & Co is a private investment company providing investment services to clients. It has offices in Warsaw, Krakow and Kyiv.
ITW SYSTEMS specializes in the development and implementation of integrated project solutions in the field of energy efficient LED lighting for industrial, commercial and municipal sectors.