Oslo (Norway) 13 December 2019 – Glamox, a Triton fund IV company, has secured over 98 per cent of shares in the polish lighting company ES-SYSTEM, the largest lighting company in Poland by turnover.
Glamox has acquired a total of 98.21% of shares in ES-SYSTEM through a public tender to shareholders concluded on December 4th. The tender was published on 14 October at 3.5 PLN per share, meaning company equity is recognized at a value of 150 million PLN (approx. 354 million NOK). The transaction was completed on 10 December and the purchase has been approved by the relevant competition authorities.
ES-SYSTEM is the leading supplier of professional lighting solutions in the Polish market. The company was founded in 1990 and has headquarters in Kraków, Poland with nearly 900 employees and factories in Wilkasy and Dobczyce and a yearly turnover of 192 million PLN (approx. 443 million NOK) (2018).
The acquisition gives Glamox access to an attractive lighting market with high growth driven by a healthy macro-economy and a high level of activity in the construction and installation industry.
“The acquisition of ES-SYSTEM is in line with Glamox’s strategy of buying up leading companies in Western and Central Europe with matching customer segments, channels and market position. ES- SYSTEM’s products will further strengthen the range of products we are able to offer to our customers. In addition to giving us a leading position on the Polish market it will also strengthen us on our core markets,” says CEO of Glamox, Rune Marthinussen.
Glamox intends to acquire all shares in ES-SYSTEM and will put in motion an obligatory buy-out procedure for the remaining shares under the conditions stipulated by Polish law. Glamox also intends to withdraw ES-SYSTEM from the Warsaw Stock Exchange.
Glamox is a leading provider of lighting solutions to the Northern European professional building market and to the global marine and offshore markets.
The Glamox Group is a global organization with approximately 1 400 employees and an annual turnover of NOK 2.8bn (2018). The Group owns a range of quality lighting brands including Glamox, Aqua Signal, Luxo, Norselight, LINKSrechts and Küttel. Glamox is committed to meeting customer needs and expectations by providing quality products and solutions, service and support.
As of December 2017, Funds advised by Triton are the majority owners of Glamox.
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.
The 42 companies currently in Triton’s portfolio have combined sales of around €16,7 billion and around 80,800 employees