Berger Paints India has reported that the company has signed an agreement for the acquisition of 100% shares of Bolix SA (Bolix), a leading provider of External Insulation Finishing System (EIFS) in Poland, from Advent International, a global private equity group.

The acquisition will be carried out at an estimated net purchase price of around $38.6 million. However, the purchase, which will be made through a Berger unit in Cyprus, is subject to clearance by the Polish Anti-Monopoly Office.

Ernst and Young Private Ltd, India was the financial advisor to Berger on the transaction.

The company reported a 5% increase in net profit at Rs 232.8 million for the quarter ended December 31, 2007. Its sales increased by 19% to Rs 3,560 million.