Innova exits Trimo to trade

The transaction is expected to be financed with Kingspan's cash balances and/or committed undrawn facilities, the GP confirmed.

The sale of Trimo ends a five-year holding period for Innova, which acquired the company in a buyout from a group of Slovenian banks, including Nova Ljubljanska Banka. The GP bought 97.45% of the total shares in group subsidiary Trimo and 44.9% of Trimo MSS, while also taking on all outstanding debt held by the selling group of 10 banks and other credit institutions. Local media reports put the purchase price of Trimo in excess of €50m.

The GP told Unquote about the timing of the process: "We successfully managed to bring this transaction to the finish line in a challenging exit environment. Despite Covid-19-related market headwinds, the company enjoyed strong current trading."

Under Innova's ownership, Trimo focused on its core competences and strengthened its positioning in the sustainable building envelope sector. The company increased its core revenues, mainly in western Europe, which accounted for 35% of total sales in 2019 (versus 22% in 2016), according to the statement. During Innova's holding period, the company also focused on generating recurring orders from its client base and de-emphasised larger one-off projects. 

Innova told Unquote that the return on the investment was in line with their base case assumptions and, depending on the timing of closing, will have delivered around 25% IRR.

The transaction remains subject to regulatory approvals is expected to take place during the fourth quarter of 2020.

Company
Founded in 1961 and headquartered in Trebnje, Trimo is a provider of building envelopes, including fireproof roofs and facades, and metal modular units for non-residential buildings. The products of the company, manufactured in Slovenia and Serbia, are mostly exported to Western Europe and CEE. Trimo has established a sales network in almost 30 countries. The company has a turnover of around €100m, the GP said. It employs 208 people, according to LinkedIn.

People
Innova Capital – Andrzej Bartos (senior partner).
Trimo – Božo Černila (CEO).

Advisers
Vendor – Alantra (M&A); PwC (corporate finance); Rymarz Zdort (legal); Rymarz Zdort (legal); Prica & Partners (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• CEE
• Industrials
• Slovenia
• Innova Capital
• Trade sale