-- Peter Berweger Appointed CEO of Eurodrip, Effective August 1, 2015
-- Mihalis Panagis to Step Down
NEW YORK and ATHENS, Greece, May 7, 2015 /PRNewswire/ -- Eurodrip S.A., a leading and manufacturer and supplier of integrated drip irrigation solutions for agricultural and landscaping applications, today announced that Peter Berweger has been appointed CEO of Eurodrip, effective August 1, 2015. This follows the resignation of Mihalis Panagis, effective immediately. Mr. Panagis will act as a consultant for the Company in order to ensure a seamless transition.
David Buckeridge, Chairman of Eurodrip, said, "We are very grateful for the contribution Mihalis has made at the Company. In the two years since the business has been owned by Paine & Partners, it has shown excellent growth under Mihalis's leadership. In 2015, the business is entering a new phase in its development, and after being at the helm of the Company for almost ten years, Mihalis feels it is the right time to pursue the next chapter of his career. We thank Mihalis for all he has done and we wish him success in the future."
Mr. Berweger brings to Eurodrip a strong agribusiness track record. A senior executive at Syngenta for seven years, Mr. Berweger served as Portfolio Strategy Lead and Global Head of M&A, and as the Global Head of Soybean he led the creation and implementation of the company's first integrated soybean crop strategy. Prior to joining Syngenta, he was with KPMG for 14 years and in his last role was as a Partner heading their European Chemicals and Pharmaceuticals practice. Mr. Berweger is an economist and accountant by background and holds an MBA from Columbia University and London Business School.
"We are pleased to announce the appointment of Peter Berweger to the role of CEO," Mr. Buckeridge continued. "Peter's agribusiness and financial experience has given him a very clear and incisive understanding of the agricultural inputs markets at an operational level, and I am confident that his international and strategic leadership experience will provide a great background for the global activities of the Eurodrip business. We welcome him to the company and look forward to working with him and the senior management team to develop our exciting strategic plans."
Peter Berweger said, "Eurodrip is a strong company with differentiated capabilities that is well-positioned to capture growth opportunities in the expanding drip irrigation market. I look forward to working alongside the management team and my fellow employees across the world as we build on Eurodrip's strong foundation to create future success."
About Eurodrip S.A.
Eurodrip, established in 1979, through its subsidiaries, manufactures and supplies integrated drip irrigation solutions for agricultural and landscaping applications. Its products include integrated drip line solutions, flat and round drippers, blank tubes and other irrigation products. Eurodrip has a market presence in over 70 countries, with operating subsidiaries in the U.S., Turkey, Greece, Egypt, Jordan, Peru and Mexico, and employs more than 500 people worldwide.
About Paine & Partners
Paine & Partners is a value-driven private equity firm that focuses on complex investment opportunities in the fast-growing, dynamic global food and agribusiness sectors, which play to the strengths of Paine & Partners' differentiated approach. Paine & Partners' team includes 24 investment, operations and finance professionals focused on investing globally across the food and agribusiness value chain ("farm to fork") and throughout cycles. The firm currently invests through its $893 million Paine & Partners Fund IV, which is solely dedicated to agribusiness investing. For further information, see www.painepartners.com.
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For Paine & Partners:
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Joele Frank, Wilkinson Brimmer Katcher
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