Mumbai, Aug. 18: Berger Paints has acquired Poland-based Bolix from private equity group Advent International for an undisclosed sum.

Bolix, a leading provider of external insulation finishing system (EIFS) in Poland, had an annual turnover of $45.5 million in 2007, Berger said in a filing with the Bombay Stock Exchange.

EIFS is a comprehensive solution for meeting the insulation as well as decorative needs of the external walls of buildings. Such a decorative finish is suitable for traditional brick and concrete structures.

Besides producing insulation materials such as polystyrene foam, mineral wool and auxiliary materials such as fibre glass meshes, Bolix’s products include adhesives, mortars, plasters, primers and paints.

Bolix is the largest provider of EIFS in the B2B (business-to-business) segment in Poland and also exports to neighbouring countries such as Ukraine, Russia, Lithuania, Latvia and Estonia.

“Bolix represents the foray of Berger in the European Union. Berger will support Bolix in furthering its business in various parts of Europe, including Russia, and will also explore the marketing of EIFS in India, where it is yet to be introduced”, Berger chairman K.S. Dhingra said.

The relationship between Berger and Bolix is expected to contribute significant synergistic benefits in marketing, exports, procurement and technology, Dhingra said.

Berger director Gerald Adams will be the chairman of Bolix, the filing added.

Shares of Berger closed at Rs 40, marginally up 0.25 per cent on the BSE.