Advent International, the global private equity firm, has financed the buyout of Bolix, Poland’s second-largest manufacturer of insulation systems for the construction industry.
Advent International has teamed up with Dariusz Kociolek, formerly CEO of international insulation group Dryvit’s Polish subsidiary, who will take over as CEO of Bolix. The firm has also recruited Marek Drewniak as CFO, who joins from Schoeller, an international textile business. The current management team, which does not include a CFO, will all remain with the company and take equity.
Financial terms of the transaction have not been disclosed, although a source close to the transaction put the price at around $40m.
Bolix was founded ten years ago and is now the second largest player in construction materials market, claiming a 20 per cent market share. According to Advent, the construction materials market in Poland is worth $2.6bn per year, the result of annual growth of between five and ten per cent and an increase in Polish homebuyers.
Bolix’s range of products includes acrylic, silicate and mineral plasters, insulation adhesives and paints. The company is expecting to report turnover in 2003 of $26m.
In a statement, Advent said Bolix would seek to build on its market position, and expand its position in parts of Poland where it is under represented. The company will also expand into surrounding countries, particularly Ukraine and Russia.
“Advent is buying into a very successful business with excellent potential for further growth in its home market and adjacent markets,” Advent International’s Istvan Szoke said in a statement.
Advent International has made a number of acquisitions in the European construction market. The firm is close to selling its interest in Matéris, the French building materials group which it owns alongside Carlyle and CVC, to French buyout house LBO France. The four firms are in exclusive talks over a E1.1bn deal.