Sale of ES-System to Glamox

Advisor to the shareholders of ES-System on the sale of their stake to Glamox, a portfolio company of Triton Partners

Date: December 2019
Country: Poland
Industry: Lighting
Target: ES-System
Buyer: Glamox / Triton Partners
Sellers (Client): shareholders of ES-System
VCP’s role/competence: sell-side M&A advisor

• VCP acted as sell-side M&A advisor to the shareholders of ES-System on the sale of their stake to Glamox, a portfolio company of Triton Partners
• ES-System, founded in 1990 and headquartered in Kraków, designs, develops, manufactures and integrates a wide range of high performance and specification-grade LED lighting solutions for architectural, industrial, and outdoor environments
• The company’s product offer comprises ca. 260 systems and over 6,000 product codes
• ES-System operates production plants in Wilkasy and Dobczyce and has nearly 900 employees
• The sale process was run as limited auction and approach was made to selected strategic players and financial investors
• On 13 October, the main shareholders entered into an agreement with Glamox regarding the sale of their stake in the Company (jointly 69.32% of the outstanding shares). Subsequently, on 14 October, Glamox announced a public tender offer with a cash consideration of PLN 3.50 for each share in ES-System
• Consequently, Glamox secured over 98 per cent of shares in ES-System with an intention to put in motion a squeeze out procedure for the remaining shares
• The transaction clearance (closing) took place on 10 December 2019