Shokar Buys Propex Backing Business
Vancouver, BC, March 15, 2019-Last month, the Vancouver-based family investment group Shokar acquired all controlling interests in the European operations of Propex Operating Company and renamed the company Propex Furnishing Solutions.
Their agreement, which included the rights to purchase the furnishings business in the U.S., was exercised at the end of April and finalized before the new month started.
Robert (Bob) Dahl, who was named the new CEO of Propex Furnishing Solutions during the European acquisition, will lead the combined European and U.S. entities under the Propex Furnishing Solutions moniker. His previous role with Propex Operating Company as the vice president of the Industrial Packaging and GeoSolutions businesses should provide a quick transition and allow Propex Furnishing Solutions to quickly enact key strategies, investments and initiatives.
The investors see many positive synergies with its current portfolio and core business expertise and will look for ways to exploit these synergies including further investments in facilities and capabilities to support future growth of all businesses.