Innova Capital secures another home-run exit by selling Trimo to Recticel
Innova Capital has entered into a binding agreement with Recticel to sell a 100% stake in Trimo for an enterprise value of EUR 164 million. The transaction marks another home-run exit for Innova yielding over 4.5x return on the investment. Completion of the deal remains subject of customary conditions precedent and is expected to take place in Q3/22.
Trimo Group, headquartered in Trebnje, Slovenia, is a leading European producer of sustainable, mineral-wool insulated panels and building envelopes for the construction industry. Since the takeover by Innova in early 2016, the company has significantly increased its market share in Europe becoming the No.2 player in its industry. Thanks to numerous operational and pricing initiatives implemented by Management Team led by its CEO Božo Černila, Trimo has also substantially improved its profitability achieving industry-leading above 12% EBITDA margin.
Today Trimo sells its premium products across 60 countries worldwide. The company has established a sales network in 27 countries and has production facilities in Slovenia and Serbia. In 2021, Trimo employed about 480 people and generated net sales of EUR 138.4 million.
“It was an exciting and successful journey with Innova. Great experience, as they understand the business and have supported the right management decisions for the company. Trimo is in great shape today, ready to progress to the next level and the Recticel Group is an excellent hub for us. We are very pleased to be entering Recticel family. With their strong presence in the insulation market, combined with Trimo’s expertise both companies will benefit and get much stronger” – says Božo Černila, CEO of Trimo.
“We are very pleased that Trimo finds its new home as part of Recticel” – said Andrzej Bartos, Senior Partner at Innova Capital who has led the investment. “Given the strong business and cultural fit between the two companies, I’m very confident Trimo will continue its dynamic development and benefit from being a member of such a respectable group. I’d like to thank the Management, led by Božo Černila, and all employees for almost 6 years of great partnership” – added Bartos.
Recticel is a Belgian industrial group with a strong European dimension, but also with operations in Asia, Africa, and the United States. End-2021, Recticel (including discontinued activities) employed 5,145 people in 53 establishments in 21 countries. In 2021 Recticel achieved consolidated sales of EUR 1,032.8 million (excluding the Bedding sales accounted for in discontinued operations as per IFRS5).