Central and Eastern Europe-focused private equity house Innova Capital has agreed to sell building wall and roof supplier Trimo to trade buyer Kingspan Group.
Innova said that under its ownership the company increased its market share in Europe to about 10%, and became the number two producer of panels with mineral wool core, up from fourth place in 2016.
It said the Slovenia-headquartered company’s core revenues increased dynamically, mainly in Western Europe, which accounted for 35% of total sales in the 2019 financial year compared to 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.
Innova senior partner Andrzej Bartos said, “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.”
The firm hit a €271m final close for its Innova/6, Poland-anchored fund last September.
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