Advent Closes Bolix Sale

Advent International has completed its sale of Bolix, a Polish provider of exterior insulation finish systems to the B2B market, to Berger Paints India Ltd. No financial terms were disclosed.


Advent International, the global private equity group, today announced that it has agreed to sell Bolix, a leading Polish provider of Exterior Insulation Finish Systems (EIFS) for the business to business market, to Berger Paints India Ltd, one of India's largest paint manufacturers.


The exit marks the outcome of a successful five year development programme, following Advent's acquisition of Bolix in 2003.  In the last three years, Bolix has recorded double-digit revenue growth rates while maintaining high profitability.

Advent has helped Bolix change from being purely a manufacturer to a service-orientated business and has helped the company develop new market opportunities.  Value has been created by strengthening the company's logistics, improving support for wholesalers and offering contractors innovative on-site services.  

Other initiatives have included significantly developing Bolix's exports to Ukraine, Russia and the Baltic States, entering the DIY channel, and the introduction of new product ranges. Export sales almost tripled in the last year.


The prospects for the business are strong, with the boom in the Central & Eastern European construction materials industry set to continue.  The continuing drive to implement energy efficiency measures also offers considerable growth potential for Bolix's Exterior Insulation Finish Systems.


Monika Morali-Efinowicz, head of Advent International's Warsaw office, commented: “Bolix's expansion is a prime example of how Advent can help businesses to build strategic competitive advantage in high-growth markets. The construction industry in Central & Eastern Europe is now one of the fastest growing and most significant worldwide. Advent's experience in the global construction materials sector undoubtedly played an important role in helping Bolix to find the right partner for the next phase of its development.” 


Bolix President Artur Lakomiec added: “After Advent helped us implement a successful growth programme, both at home and abroad, they facilitated the search for a partner able to support the company's further expansion. Key in this respect are the business synergies between Berger and Bolix, including production technology, complementary product lines and respective geographic markets.”


Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev.  Earlier this month, the firm announced the closing of its fourth fund for the region, ACEE IV, at 1 billion euros. 

Advisers on the transaction were Ernst and Young (India) for Berger and Clifford Chance and CAG for Advent International. 


About Advent International

Founded in 1984, Advent International is one of the world's leading global buyout firms, with buyout offices in 15 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 115 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue and profit growth in portfolio companies. Since inception, Advent has raised $24 billion in private equity capital and completed more than 200 buyout and private equity transactions valued at over $36 billion in 35 countries. For more information, visit


About Berger Paints India Ltd

Berger Paints India Limited was founded by Lewis Berger in 1923. It is one of the largest industrial and decorative paint manufacturers in India with a presence in all segments