As the year 2025 marks the 260th anniversary of its founding, the German Hubergroup opens a new chapter by finalizing its takeover by a consortium made up of Mavco Investments, a structure owned by members of the Indian Murugappa family, and funds managed by the American Avenue Capital. The transaction, announced in November 2024, has received all the necessary regulatory approvals, and will be completed on April 8, 2025.
Active in over 30 countries, Hubergroup employs 3,000 people and is expected to achieve sales of around 730 million euros in 2023. Its activities are organized around two divisions: Print Solutions, which manufactures inks, varnishes and additives for the printing industry, and Chemicals, which produces resins, pigments and additives, with production sites in India and Europe.
A new team at the helm of Hubergroup
With this takeover, a new management team is in place. Premal A. Desai, previously CFO, becomes Managing Director. He is also acting CFO, pending a future appointment.
From June 1, 2025, Arup Basu will join the Group as Chief Operating Officer, based in India. Arup Basu was previously Managing Director of Indian engine engineering group Greaves Cotton.
Two long-serving executives retain key positions. Taner Bicer, who has been with the company for 11 years, takes over as Sales Director for the Chemicals Division. Carsten Zölzer, with the Group for 21 years, becomes Sales Director for Printing Solutions.
The current management team would like to acknowledge the contribution of Britta Hübner, Transformation Director since 2021. Britta Hübner played a decisive role in the shareholder transition, in her opinion. Although she is stepping down from her executive role, she will remain as an external advisor to ensure continuity in strategic directions.
Reaffirmed international ambitions
For Mavco, Vellayan Subbiah, head of the investment fund, stresses the importance of a long-term commitment, with targeted investments in infrastructure, innovation and talent.
Avenue Capital, a New York-based investment firm, sees strong growth potential in the German group.
