The transaction includes a local production facility, four concept stores and access to a strong distribution network.
The business generated revenue of around €20 million in 2018 and is a decorative and specialty paints and coatings manufacturer headquartered in Les Pailles, Mauritius.
Its portfolio is 85% decorative paints and 15% coatings.
The company was founded in 1964 by Roland Maurel Sr. and in July 2014 private equity fund Adenia acquired 95% of shares in the company.
“Mauvilac is a leading company in Mauritius and the proud owner of the best-known paint brand on the island," AkzoNobel CEO Thierry Vanlancker said. "We look forward to adding such a strong brand to our world-class portfolio and welcoming the employees from Mauvilac to the AkzoNobel family.”
“Mauvilac is a true flagship brand in Mauritius which has been developed for the last 50 years,” said Ruud Joosten, chief operating officer of AkzoNobel.
Added Mauvilac CEO Laurent Roussel: “Both our companies have a strong passion for quality, innovation and sustainability. Bringing the energy of the two companies together will create a promising future for all.”
The planned transaction is expected to be completed in the first half of 2020, subject to customary conditions.