Syntaxis acquires Glass-Team for €15m

Following the deal, Glass-Team will undertake an acquisitive growth strategy, push its European expansion and invest in research and development. The company will initially look to expand into the DACH and Nordic regions.

Syntaxis was attracted by the projected growth in demand for fire-resistant glass within Poland. This is a result of its increased use in commercial developments for both aesthetic and regulatory reasons.

Though the sale was not conducted as an auction process, the GP stated it competed with another unnamed suitor for Glass-Team. It was alerted to the opportunity through its existing network of industry contacts.

Syntaxis has been active throughout the summer, financing the MBO of Romania-based Expert Petroleum and providing Polish online travel agent eSky with €11.5m of mezzanine funding.

Debt
Syntaxis provided a mezzanine loan to Glass-Team as part of the transaction and is the sole creditor to the company.

Company
Founded in 1992 and headquartered in Złotokłos, near Warsaw, Glass-Team is a B2B provider of fire-proof glazing. Its common uses include commercial building façades, exterior and interior walls, windows and doors.

People
Przemek Szczepanski is a partner at Syntaxis. Pawel Lakomy, a director at the firm, led the investment. Wojciech Wilczak is CEO of Glass-Team.

Advisers
Equity – Dentons (Legal); Deloitte (Financial due diligence, commercial due diligence, tax).
Company – Capital One Advisers (Corporate finance).

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• Topics
• Industrials
• CEE
• Buyouts
• Poland
• Syntaxis Capital