Portfolio

Caixiave
Production of PVC and aluminium window and door frames
FRN

Invested in
2014
Divested in
2017
Investment Rationale

The recent slowdown in construction and real estate development significantly decreased PVC window and door frames’ demand. Recovery of the Iberian real estate market, especially in terms of property renovation and consumers’ increased awareness of the importance of energy efficiency, provide a good growth outlook for Caixiave.

Strategy

Development of complementary products in the high performance aluminium frame segment. Efficiency gains following modernisation of production equipment. To increase awareness to energy efficiency, set up partnerships with public and private institutions to create incentives to replace traditional frames. Gross margin improvement resulting from optimised raw material acquisition sales conditions.