Triton-backed Seves exits Vitrablok

Seves, acquired by Triton Fund III three years ago, sold the subsidiary to Luxembourg-based private equity firm ASC Investment.

According to Seves, the decision to sell Vitrablok was a strategic move in order to focus on its core insulation business.

Triton Fund III held a final close on €2.25bn in February 2010. The GP invests in mid-market business services, as well as industrial and consumer companies, headquartered within the German-speaking and Nordic countries.

Lincoln International acted financial advisor for the seller.

Previous funding
In October 2014, Triton finalised the long-running process to acquire then-troubled glass and porcelain insulators manufacturer Seves. The business received €65m in fresh capital.

Seves had been engaged in an M&A process as part of broader restructuring negotiations with its creditors. Under the previous restructuring agreement closed in April 2012, Seves was due to sell part of its assets or the whole business. 

Following on from the acquisition, Seves moved its headquarters from Florence to Luxembourg.

Company
Established in 1947 and headquartered in Luxembourg, Seves is a manufacturer of glass and porcelain insulators for power transmission. The company employs 2,500 people worldwide.

Headquartered in Duchcov, Czech Republic, Vitrablok produces glass blocks for interior and exterior architectural applications. It employs a staff of 300 and posted a turnover of €28m in 2017.

People
Seves Group – Peter Baumgartner (CEO).
Vitrablok – Petr Kralik (CEO). 

Advisers
Vendor – Lincoln International (financial due diligence).

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• Topics
• Exits
• CEE
• Industrials
• Benelux
• Czech Republic
• Triton Partners
• Partial sale
• Lincoln International