Baltisse has completed the acquisition of Polflam, a Polish fire-resistant glass manufacturer. The selling shareholders were the two founders, Maciej Szamborski and Wojciech Wilczak, and Syntaxis Capital, a private debt and growth capital investor.
Polflam is the leading fire-resistant glass manufacturer in Poland, as well as a successful challenger on other European markets, with a constantly growing share of export sales. A unique proprietary technology and hard to replicate production process provide the Company with a sustainable cost advantage and best-in-class product qualities. The Company’s experience and professionalism is backed up by thousands of successful installations all over Europe. Polflam cooperates with producers of aluminium, steel and wooden frames, and system providers, as well as with architects, construction engineers, and developers. In mid-2014 the founders completed a leveraged recapitalisation of the Company, funded entirely by Syntaxis Capital, which has now exited its investment.
Wilczak says: “We are delighted to reach an agreement with Baltisse and to find a new home for Polflam. The Company has achieved unprecedented success in a traditional industry with its innovative proprietary technology, superior product, and client-oriented philosophy. I would also like to thank Syntaxis Capital for their fruitful cooperation and strong support during the last four years, which were transformational for the business.”
Szamborski adds: “Over the last 10 years Polflam has become the unquestionable leader in Poland, with a growing presence in all European markets. I will not exaggerate by saying that Polflam has been one of my most exciting business adventures. I wish Baltisse the same successful journey.”
Przemek Szczepanski, Syntaxis Capital Partner and co-founder, says: “Since our original investment Polflam has tripled its production capacity, and entered a number of new markets, while maintaining industry leading product characteristics. With its superior product offering and leading technology, the Company is ideally positioned for accelerated European expansion”.
Pawel Lakomy, the Partner at Syntaxis Capital who led the investment, adds: “We would like to thank the Company’s founders, Mr Maciej Szamborski and Mr Wojciech Wilczak, and the Company’s management team, for the successful expansion of Polflam during the period of our investment. We are very pleased to welcome Baltisse as a new majority owner and are confident that the Company, its employees, and partners, will enjoy the next phase of success under new ownership.”
Filip Balcaen, the principal of Baltisse, says: “The Polflam success story in the Fire-Resistant Glass segment is very appealing to us, as it is based on a strong technological and manufacturing platform, whereby Polflam is able to provide customers with an excellent product at a competitive price. Based on our industrial experience, having built companies that were leading European flooring manufacturers, we are convinced that we can support Polflam to strengthen its position in its existing markets, and to expand into new geographies within the EU. David Ulens, a Baltisse representative experienced in industrial and CEE operations, will reinforce the existing management team as CEO of Polflam, leading the further international development of the Company.”
Sander Boekema, the Baltisse Director leading its private equity activity, adds: “It is our intention to further invest in the business and to assist the Company in building and developing relationships with new partners in the door- and window-frame production segment. We believe that with our operational mindset, and our network and expertise, we can support the Polflam management team in their further ambitions. Our entry into Polflam will also provide the Company’s employees with ample opportunities to grow together with the business. We are furthermore pleased that the selling shareholders will continue to be involved as our partners in the company, underlining their confidence in Baltisse to write another chapter of this success story.”