Syntaxis Capital has completed its investment in Glass-Team, a manufacturer of fire-resistant glass used in commercial building facades, exterior and interior walls, windows and doors.
Originally founded in Poland in 1992, the company has since 2009 focused exclusively on the development and production of a range of fire-resistant glazing products, marketed under the “Polflam” brand.
Management plans to further extend Glass-Team’s market leadership in Poland, and expand into Western European markets.
Syntaxis invested EUR15 million in the company in debt and equity to support Glass-Team’s European expansion and to allow the company to selectively pursue add-on acquisitions. The company will continue to invest in targeted research and development.
Przemek Szczepanski, a partner at Syntaxis, says: “Glass-Team impressed us with its sustained growth, across cycles, allowing it to secure the number one position in Poland in only a few years. We believe that the Polflam brand will continue to strengthen, and allow Glass-Team to be able to expand successfully to Western European markets.”
Wojciech Wilczak, CEO of Glass-Team, says: “We are happy to have attracted Syntaxis as our business partner, which provided tailored financing accommodating the Company’s needs. The Syntaxis team worked hard to understand all the aspects of fire rated glass market and its drivers. We are looking forward to our partnership with Syntaxis, which fully supports our ambitions to further grow Glass-Team into new markets.”
Syntaxis was advised by Dentons for legal due diligence and documentation, and Deloitte for financial, tax and commercial due diligence. Glass-Team was advised by Capital One Advisers.
