SEVES Group has sold its Glass Block Division VITRABLOK
SEVES Group has announced that it has sold its VITRABLOK Glass Block Division to private equity firm ASC Investment, aiming to focus more on its core insulator business.
SEVES Group, a Triton Fund III company, has sold its Glass Block Division VITRABLOK to private equity firm ASC Investment.
“We are delighted to have found a suitable home for this business division, so that it can continue to grow profitably in accordance with its future standalone requirements and developments. VITRABLOK has been a very valuable part of the SEVES Group for many years. However, we want to focus in the future on our core insulator business,” said Peter Baumgartner, CEO SEVES Group.
“We appreciate the support the SEVES Group has given us for many years and we are now looking forward to the next level of development of VITRABLOK under the new ownership of ASC Investment,” added Petr Kralik, CEO of VITRABLOK.
ASC Investment commented “We are delighted to have acquired VITRABLOK and will work closely with the strong management team lead by Petr Kralik on the ongoing rejuvenation and innovation of VITRABLOK’s product portfolio, as well as in supporting the company’s international expansion to further underpin VITRABLOK’s global leadership 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.”