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NEWS - 2018 07 05 - 10:30

SEB finances management buy-out of Groglass shares

SEB Latvia and Kartesia, a pan-European direct lending fund, have financed management buy-out transaction of Groglass shares from the investment fund NCH Capital. SEB has issued a long term loan of EUR 10 million and EUR 3 million for company's working capital alongside Kartesia’s Unitranche financing.

As a result of this transaction, CEO of Groglass Alexander Sasha Kelberg and other members of company's management team have become the new owners of the company.

Alexander Sasha Kelberg, CEO of Groglass said: "Based on the successful and cooperative relationship with NCH, the management was looking for similar characteristics from a new investor. We found precisely that in Kartesia and were won over by their collaborative and strategic approach.  The professionalism and the depth of the Latvian SEB team impressed us throughout the process and we look forward to our close cooperation as we further expand our global market share in our key business segments."

Ints Krasts, board member of SEB Latvia: "Groglass is an excellent example of how scientific know-how and expertise developed in Latvia can be successfully transformed into commercial production with high added value, vast potential for exports and demand. We are glad for the opportunity to become a financial partner of such a company and support the ambition of its management team to become the owners of Groglass. Currently Groglass is Europe's leading player in its market niche, however, we believe that the new shareholders will be to take it to even higher targets: achieve significant growth of company's business, acquire new markets and develop new products! We are also glad that as a result of this transaction Kartesia, a serious and professional investor has entered Latvia."

Groglass is one of the world's leading manufacturers of anti-reflective and other high-performance coatings on glass. Company's products are used in various industries – production of electronic displays, picture framing, architecture and design solutions and other areas where 'invisible glass' is required. Largest part of company's production is exported to more than 45 countries, including Germany, Switzerland, the Netherlands, USA, France, Norway, UK and elsewhere. Groglass was established in 2004, and in 2017 its turnover exceeded EUR 17 million.

Kartesia is an international investment company, managing over EUR 1.34 billion of assets. It specializes in financing small and medium sized companies and since 2008 Kartesia has invested in over 100 companies in 16 European countries. This transaction is Kartesia's first investment in Baltic States.

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