Enterprise Investors sells NordGlass to trade buyer

The Polish firm has agreed to sell its 100% stake to AGC Automotive Europe for €80 million

Polish private equity firm Enterprise Investors has sold its 100 percent stake in NordGlass to trade buyer AGC Automotive Europe, according to a statement from the firm.

The deal values NordGlass, a Polish producer of windscreens for the automotive sector, at €80 million.

Enterprise Investors declined to comment on the return generated by the transaction.

The firm originally acquired NordGlass in 2007 in a proprietary transaction from the company founders, using capital from Polish Enterprise Fund VI, a 2006-vintage which closed on €658 million.

Since then NordGlass has undergone “extensive modernisation”, with investment in major capacity expansion and broadening of its product range. In 2014 NordGlass, which employs more than 1,100 people, sold around 1.3 million windscreens and generated €78 million in revenues.

“When we invested in NordGlass our goal was to facilitate the company’s seamless transition to the next stage of development,” Jacek Wozniak, the partner at Enterprise Investors responsible for the transaction, said in a statement. “During our investment period, the company has grown from a privately held, medium-sized enterprise into a company with the European footprint.”

PEF VI made 14 investments all together, and has completed five exits, including NordGlass. The vehicle was delivering a return of 1.2x as at 30 September 2014, according to investment performance information from the California Public Employees’ Retirement System.

AGC Automotive Europe, based in Louvain-la-Neuve in Belgium, specialises in the production of windows for vehicle manufacturers. It is a member of AGC Glass Europe, the European branch of AGC Group.

In November 2014 Enterprise Investors sold 20 percent of asset management firm Skarbiec Holding, a Polish Enterprise Fund V portfolio company, through an IPO on the Warsaw Stock Exchange. The transaction generated gross proceeds of €10.2 million. Following the IPO the firm retained a 75 percent stake in Skarbiec.

In December the firm backed JS Hamilton Poland (JSH), the second largest company in the testing, inspection and certification market in Poland, using capital from its €100 million venture fund. Enterprise Investors invested €8 million from its Enterprise Venture Fund I, a 2008-vintage vehicle, to acquire 19 percent of JSH’s shares.