Alantra advises Innova Capital on the sale of Trimo to Recticel

Mar 2022

Sell-side advisory

Value €164.3 million

Vienna, 24 March 2022 – Alantra, the global investment banking and asset management specialist, is pleased to announce that it has advised Innova Capital on the sale of 100% of the shares in Trimo (or “the Company), a leading European producer of high-quality façade and building envelope solutions, to Recticel. Completion remains subject to regulatory approvals and is expected to take place during Q3 2022.

Trimo was founded in 1961 and has been owned by Innova Capital since early 2016. The Company was originally established as a manufacturer of thermal insulated panels but gradually developed into a high quality-producer of aesthetic prefabricated building components such as façades, walls, roofs, and modular space solutions. The group is headquartered in Trebnje, Slovenia and operates from two sites (Trebnje, Slovenia and Šimanovci, Serbia). It sells its insulated panels and building solutions in more than 60 countries around the world. In 2021, Trimo employed about 480 people and generated net sales of EUR 138.4 million.

Recticel is a Belgian industrial group with a strong European dimension, but also with operations in Asia, Africa, and the United States. At the end of 2021, Recticel (including discontinued activities) employed 5,145 people in 53 sites in 21 countries and generated consolidated sales of EUR 1,032.8 million (excluding discontinued operations). 

Andrzej Bartos, Senior Partner, who led the transaction for Innova, said: “Successful transformation of Trimo under Innova’s ownership is a great example of how a private equity owner can help develop a Slovenian business internationally. Alantra’s relevant industry insights and international sector relationships combined with highly skilled and agile execution capabilities in CEE ultimately helped us to sign a deal that reflects this achievement and provides us with an excellent 4.5x return on investment.”

Alexandra Nagle, Managing Partner of Alantra Austria & CEE, added: “Trimo is clearly a best-in-class business in a very exciting segment of the building materials sector. We are thrilled to have advised Innova and the management team at Trimo on such a strong outcome and wish Trimo continued success as part of the Recticel family.”

This is the third announced deal advised by Alantra’s dedicated CEE team based in Vienna in the last 9 months and represents another highly visible cross-border M&A transaction in building materials, one of Alantra’s core sectors.