Mermeren is the global leader in the extraction and processing of snow-white marble, an attractive and growing global niche market. It operates marble quarries in the Former Yugoslav Republic of Macedonia.

Stage Capital backed the acquisition of 88.4% of the shares of Mermeren through a leveraged transaction.

Stage completed the sale of its majority stake to Pavlidis S.A. Marble-Granite in September 2017, generating a 5.2x return on the fund’s investment.

HEADQUARTERS
Prilep, FYROM

INVESTMENT DATE
April 2009

INVESTMENT THESIS
Capitalise on Mermeren's strategic advantage (i.e. unique and scarce product) and drive growth through expansion of its production capacity, productivity and distribution capabilities.

STATUS
Realised

INDUSTRY
Mining

STAGE CAPITAL TEAM
Theodoros Malfas, Ventseslav Avramov