ADM sells brick maker Brikston

ADM exited the company in a trade sale to Vienna-based brick and clay tile manufacturer Wienerberger.

The private equity firm invested in Brikston in July 2014 via its Capital CEECAT Recovery Fund, which held a final close on €265m in July 2011. It bought the business from Advent International following an auction process.

There was no debt or other investors involved, ADM partner Didem Ilgaz, who led the deal, told unquote". Additionally, there has been no shift in equity balance since the original deal.

Over a three-year holding period, Brikston's operating profit improved by 60%, according to ADM.

The GP is preparing to launch two new funds in early 2018 to invest in the Balkans and Turkey – a follow-on fund, CCL CEECAT Fund II, and CCL SEE-Turkey SME Lending Facility. ADM is currently at the latest round of fundraising for both the debt and the equity fund, Ilgaz said.

Romania is one of ADM's key countries and the firm expects to invest another €40-50m in the coming years, she added.

In May this year, ADM held a $100m first close for its agriculture-focused vehicle Cibus Fund.

Company
Established in 1967, Brikston was originally a state-owned company that was privatised in 1994. It provides a range of products including hollow bricks, full bricks, facades and decorative products, which it sells to the Romanian construction industry and exports to Moldova and Ukraine.

The firm is headquartered in Iași and generated sales of €16m in 2016.

People
ADM Capital – Didem Ilgaz (partner).

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• Exits
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• Trade sale