Acquisition of Termet by Ferro Group

Advisor to Ferro Group on the acquisition of Termet

Date: 2019-2020
Country: Poland
Industry: Consumer goods / HVAC
Target: Termet and Tester
Buyer (client): Ferro Group
Seller: Private individuals
VCP’s role/competence: buy-side M&A advisor

• VCP acted as a buy-side advisor to Ferro on the acquisition of Termet, one of the leading suppliers of comprehensive systems in the segment of modern heat source management in the Polish market
• At the beginning of the project, VCP conducted a comprehensive screening of Polish and other CEE markets in accordance to the agreed investment criteria and established contact with selected potential targets on Ferro’s behalf
• Major shareholders of Termet decided to engage in discussions on a potential transaction with the aim to provide the company with a partner ready to support its further development
• The process was run in the form of bilateral discussions between Ferro and the shareholders of Termet
• The scope of the transaction also included Tester – provider of electronic control and automation systems for gas devices as well as specialized piping systems for the heating and cooling industry and one of the key suppliers of Termet
• VCP supported Ferro in the entire transaction process through provision of valuation services, deal tactics, coordination of advisory work streams and other ad-hoc assignments
• The transaction was signed in November 2020 and is subject to approval by the Polish antitrust regulator UOKiK