Syntaxis sells Polflam to Baltisse

Founders Maciej Szamborski and Wojciech Wilczak have also made an exit in the sale.

Polflam tripled its production capacity and entered a number of new markets under Syntaxis' ownership, according to a statement.

Baltisse said it planned to expand Polflam into new markets within the EU and bring in Baltisse representative David Ulens as CEO.

Previous funding
Syntaxis acquired Polflam (then Glass-Team) for an enterprise value of €15m in 2014.

Company
Founded in 1992 and headquartered in Zlotoklos, near Warsaw, Polflam is a B2B provider of fire-proof glazing. Its common uses include commercial building façades, exterior and interior walls, windows and doors.

People
Syntaxis Capital – Przemek Szczepanski, Pawel Lakomy (partners).
Baltisse – Filip Balcaen (principal); Sander Boekema (director).
Polflam – Maciej Szamborski, Wojciech Wilczak (founder).

Advisers
Company – Rothschild (M&A); Denton (legal); BCG (commercial due diligence); Deloitte (financial due diligence, tax); Ramboll (environmental due diligence).
Acquirer – KPMG (M&A); Baker McKenzie (legal); ERM (environmental due diligence).

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