Central European investor Innova Capital has realised its investment in Ceramika Gres. The business has been sold to Polish sanitary ware producer Sanplast for an undisclosed sum.
Innova Capital’s second fund, Innova/98, acquired a 96% stake in Ceramika Gres in late 1999 to finance development of a new plant, working capital and current operations. The manufacturing plant opened in 2001. The company is highly regarded in the region and has received several industry awards such as Fair Stand 2000 from the Polish Fair Corporation; Golden Product 2000 and Gold Medal of MTP Budma 2002 at the international industry fair.
Monika Nachyla, vice president portfolio management of Innova Capital, said: “I believe Ceramika Gres’ team has succeeded in building from scratch a great company, strong name and well differentiated portfolio of products in the period, which was very difficult for the whole industry. I am sure that combining this success with Sanplast’s experience and synergistic business has made a perfect match.”