Following an approval by regulatory authorities, ARX Equity Partners (“ARX”) has completed an exit of its investment in Polish manufacturer of internal and external custom made sun shading systems Anwis Sp. z o.o. (“ANWIS”) via a sale to Novaco Invest GmbH, a subsidiary of WAREMA Renkhoff SE (“Warema”). The ARX investment into ANWIS generated an overall 3.3x cash-on-cash return multiple and an IRR of over 30%.
ARX acquired a majority shareholding in ANWIS from the retiring founder in late 2014, with the intention to leverage the company’s technical capabilities, strong domestic market position, wide product range and advanced internet-based ordering solutions in order to grow and internationalize the business. This strategy positioned the company to benefit from the fast growth of the e-commerce channel in key export markets of Germany and the Netherlands. Over the past five years ANWIS retained its profit margins, while consistently growing sales and more than doubling headcount.
The ANWIS investment is consistent with the ARX focus on Central European growth investments. ANWIS is a producer of custom-made window coverings and one of the leading manufacturers of window coverings and related components in Europe. The company has been operating in the region for over 40 years and has recently seen rapid growth, with sales reaching € 32.6 million in 2018, with around 50% of production exported to Western Europe. ANWIS capitalizes on its market leading position in Poland and the rapid expansion of e-commerce in Germany and the Benelux countries.
The ARX exit was executed via a sale to WAREMA Renkhoff SE, a German family owned company divided into two divisions: Sun & Living Spaces and Plastics & Engineering, with more than 3,800 employees around the world. Warema enjoys a leading market position based on the strength of solutions it provides and innovations it develops in the sun protection segment. In both of its divisions it places importance on growing competencies incorporating innovative technologies.