Otmar Zorn, one of the richest Slovenians, said he sold Iskra Zaščite and Varsi to Raycap, which will allow them further growth through a better sales network.

Details of the sale were not revealed. The Greek owner believes that many synergies can be created; together the companies have a lot of intellectual capital and patents.

No major staffing changes are planned. Iskra Zaščite and Varsi have a total of 250 employees, while Raycap has some 450 in Greece, Germany, the US and Romania

Raycap boss Kostas Samaras could not yet say how much Raycap would invest or how many people it would hire. "But I can say that we bought a company in the US seven years ago that had 40 employees and now it has 200. Our goal in Ljubljana is growth."

Raycap, founded in 1987, is owned by Kostas Apostolidis. Last year it generated EUR 160m in revenue; combined with the Slovenian companies the figure stands at EUR 200m.

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