Innova Capital sells Trimo to Kingspan Group
Innova Capital, a leading private equity fund in C&EE, has signed a definitive agreement with Kingspan Group to sell 100% stake in Trimo, a leading European producer of high-quality façade and building envelope solutions. The parties have not disclosed the terms of the transaction. Completion remains subject to regulatory approvals and is expected to take place during the fourth quarter of 2020.
Innova Capital, a leading private equity fund in C&EE, has signed a definitive agreement with Kingspan Group to sell 100% stake in Trimo, a leading European producer of high-quality façade and building envelope solutions. The parties have not disclosed the terms of the transaction. Completion remains subject to regulatory approvals and is expected to take place during the fourth quarter of 2020.
Under Innova Capital’s ownership, Trimo focused on its core competences and strengthened its unique, premium positioning in the sustainable building envelope solutions sector. The company increased its market share in Europe, reaching ca. 10% and becoming the #2 producer of panels with mineral wool core (up from #4 in 2016). Core revenues increased dynamically, mainly in Western Europe which accounted for 35% of total sales in FY 2019 (vs. 22% in FY 2016).
During Innova’s holding period, the company focused on generating recurring orders from its diversified client base and de-emphasised larger one-off projects. Thanks to this policy, as well as streamlining of operations and discontinuation of non-core activities in steel construction businesses, Trimo was able to improve its profitability significantly and achieved top-class margins in the industry.
“Successful transformation of Trimo under Innova’s ownership is a great example of how a private equity owner can help develop a Slovenian business internationally. It has been an intense, but very enjoyable time.” - says Božo Černila, CEO of Trimo.
“Not only were we able to achieve a very good return, but we have successfully transformed the company from a local champion into a truly international player. I’m particularly grateful to the management team, under the leadership of Božo, for their invaluable contributions, and also to all the employees of Trimo for their support during our holding period” - says Andrzej Bartos, Senior Partner, who led the transaction for Innova.
Trimo’s strategy calls for strengthening its leading position in the high-end steel façades market. Joining Kingspan Group will enable the company to realise its full potential by taking advantage of Kingspan’s strong international distribution network and operating synergies.
“We are excited to be joining Kingspan Group, the global market leader in the panel industry” - comments Božo Černila.
“We look forward to developing Trimo further as part of the larger Kingspan family”.
Transaction advisors to the Seller included:
- Alantra (M&A Lead Advisor),
- PwC (Financial & Tax)
Legal Advisors:
- Rymarz Zdort (lead),
- Jadek & Pensa (local support)
- Prica & Partners (local support)
About Trimo
Trimo is a leading CEE provider of high-quality building envelope solutions, including fireproof roofs and façades and metal modular units for non-residential buildings. The products of the company, manufactured in Slovenia and Serbia, are mostly exported to WE and C&EE.
The company sells its products and services under its own brand to more than 60 countries worldwide. Trimo has established a sales network in almost 30 countries.