LKT advises Polish Selena Group on strategic collaboration with Hungarian Masterplast

LKT advises Polish Selena Group on strategic collaboration with Hungarian Masterplast

Lakatos, Köves & Partners (“LKT”) is proud to advise SELENA Group, a Polish listed company being a global leader and distributor of construction chemicals and one of the four largest producers of polyurethane foam in the world, on a strategic collaboration with Masterplast Nyrt., a Hungarian listed company being one of the leading insulation material and construction industry product producer-distribution companies in the Central Eastern European region.

Within the framework of a strategic collaboration, Selena Group is to acquire a 50% stake in the glass wool manufacturing project in the Hungarian town of Szerencs, where the companies will jointly establish the glass wool factory. The establishment of the mineral-based thermal insulation manufacturing plant was previously initiated by Masterplast through the acquisition of PIMCO Ltd. In the ongoing production development project company, Selena will carry out a close to €10 million capital increase, acquiring a 50% ownership stake, and together with Masterplast they will continue the investment.

Sustainability aspects play a crucial role in the project. Glass wool, which belongs to the family of mineral-based thermal insulation materials, is highly applicable in both new construction and modernization projects aiming to enhance building energy efficiency. One of the main raw materials for this product is waste glass, which is recycled during the manufacturing process, following the principles of circular economy. The plant will be equipped with environmentally friendly, modern electric furnace technology, partially supplied by renewable energy sources.

In addition to the legal due diligence and corporate law advice (the implementation of the joint venture structure, the acquisition of the shares in the joint venture company through capital increase, the establishment of the new corporate governance structure), LKT also assisted in connection with financial regulatory and competition law aspects, the Hungarian foreign direct investments regime and the financing of the project.

LKT’s core legal team is led by partner Iván Sólyom, head of corporate & M&A and included Botond Horváth, corporate lawyer and Balázs Rokob and Viktória Tamás finance lawyers.

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