Cement Invest acquires Heidelberg Materials’ shares in HeidelbergCement Georgia

25 April, 2023
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Today, Cement Invest, a company representing the interests of the Georgian Co-Investment Fund, Hunnewell Partners  and Family members of Mr. David Bezhuashvili, (together the “Investors”) acquired its joint venture partner's, Heidelberg Materials’ shares in HeidelbergCement Georgia and TerjolaQuarry (“HCG”).

 HCG is the leader in the Georgian cement and related products market. It operates two integrated cement plants (one in Kaspi and one in Rustavi), two aggregates plants, a cement grinding mill in Poti, a cement terminal in Supsa and 14 concrete batching plants across the country. HeidelbergCement Georgia supplies cement and concrete to almost every major construction project in Georgia.

Since the formation of the JV partnership (the “JV”)  in 2017 between Heidelberg Materials and the Investors, the JV under joint management, successfully accomplished several high-impact production capacity and efficiency improvement projects, including the inauguration of a  state-of-the-art new dry kiln plant in Kaspi.  This investment of over 100,000,000 US Dollars, together with other initiatives has brought HCG to a new level of technological excellence, quality improvements and unprecedented growth.

Heidelberg Cement Georgia will retain its name and brand and technical support throughout the year, but may continue operations with a different brand name in future.

The Investors plan to continue its growth strategy through further investments in capacity expansion, technology improvement and energy efficiency.  Georgia is the only country where the Investors own cement and related businesses and thus, they hope that HCG would benefit from this new, Georgia-focused investment approach.

The Investors own and manage businesses in Georgia in a number of industries, including building materials, hospitality, financial institutions, telecoms and media, steel, real estate, agriculture and energy.