AGC Automotive Europe is acquiring Poland-based NordGlass to “consolidate its automotive replacement glass (ARG) in Europe.”
“The deal covers the entire NordGlass Group with all its activities and subsidiaries,” says Ilinca Munteanu, AGC Automotive Europe’s ARG communication manager.
“Nothing is changing. We are waiting for approval from the regulation authorities and that can take a long time. Until that time, it will be business as usual,” Grzegorz Lajca, NordGlass’ CEO, told glassBYTEs.com™. “We are bigger than AGC Automotive Europe in certain countries, and we think it will be a great synergy. We expect it to be good for both companies. It will bring about positive changes and we are very positive about the deal.”
Lajca doesn’t expect any personnel changes.
NordGlass Group has an automotive glass fabrication plant in Koszalin, Poland, which specializes in fabricating windshields and sidelites for the aftermarket. The company also has a plant in Slupsk, Poland, which focuses on larger glass made for bullet trains, buses, trolleys, armored vehicles and other large windshield applications. Both of these plants are a part of the deal, as well as NordGlass Auto Glass Service, which is a Poland-based automotive glass replacement and repair network.
“This acquisition is complementary in geographical terms to AGC’s existing network of facilities and so will enable it to expand its operations in Europe,” according to a statement from AGC Automotive Europe.
AGC Automotive Europe is purchasing the company from Polish Enterprise Fund VI, a private equity fund managed by Enterprise Investors. Terms of the deal were not disclosed. The acquisitions remains subject to the approval from the competition authorities.
Polish Enterprise Fund had been thinking about selling NordGlass a while, according to Lajca. It opened a formal bidding process and received several offers. AGC Automotive Europe won.
Polish Enterprise Fund acquired NordGlass in 2007 from the company’s founders. In 2014, NordGlass sold approximately 1.3 million windshields and generated $85.6 million USD (€78 million EUR) in revenues. The company employees more than 1,100 people in Europe.
glassBYTEs.com™/AGRR™ magazine editors went overseas to Poland to visit NordGlass in 2013. To read our report, click here and look for “Coming to America” in the table of contents on the left.