DLA Piper, the leading global law firm, announces that it has advised on and successfully completed the major acquisition of VITRABLOK for the private equity firm ASC Investment.
VITRABLOK, the Czech-based Glass Block Division of SEVES Group, has been a very valuable part of the Group for many years, manufacturing high-quality products with superior technological content. VITRABLOK is the global leader and the sole player in the market focussing on the glass block industry. On a stand-alone basis and with support of a strong and experienced new investor, the company is well positioned to further develop its product portfolio, continue its internationalisation and remain at the forefront of the glass block industry. As the Glass Block Division was non-core to the SEVES Group, the seller decided to hand VITRABLOK over to an investor willing and capable to support the business in the rejuvenation of the global glass block market.
DLA Piper assisted ASC Investment in structuring the acquisition of VITRABLOK from both the corporate and financing point of view, starting in late 2017. The transaction documentation covered both the acquisition as well as financing and security elements. This involved extensive concurrent negotiations with the seller and financing banks.
This cross-border transaction was managed by DLA Piper´s offices from Germany, Italy, US and the Czech Republic seamlessly cooperated to deliver the result in very tight time frame. Miroslav Dubovský led the team in Prague assisted by Petr Samec and Jan Rataj.
“This deal involved complex negotiations and documentation, but our DLA Piper team, using our vast experience in such cross-border transactions, found a way through every situation, helping ASC Investment to close the transaction in a smooth and efficient way,” says Miroslav Dubovský, Country Managing Partner and Head of Corporate and Commercial Practice at Prague’s DLA Piper office.
“We are looking forward to the next level of development of VITRABLOK under the new ownership of ASC Investment,” says Petr Králík, CEO of VITRABLOK. “We want to develop our product portfolio, as well as support the company’s international expansion. Our company wants to be a leader in the glass blocks market, both in terms of technology and quality. VITRABLOK will be the only independent player in the market, 100% focused on the glass block product.”