Inwido makes yet another acquisition and enters a new market

Inwido has acquired a 70% stake in AJM Group, a family‑owned Slovenian window and door manufacturer with ~€30m in annual sales, 200 employees, a well‑invested production facility near Maribor, six showrooms and c.20% export sales into Austria and Switzerland; AJM’s product mix (PVC, aluminium, wood) and installation offering place it in the mid‑to‑high‑end Central and Eastern European niche and its profitability is in line with Inwido. The deal—which includes a call/put option on the remaining 30% exercisable in early 2028—gives Inwido a foothold in southeastern Europe, incremental synergy and scale opportunities and fits its strategy of growth by acquisition alongside its existing platform (2024 group sales SEK 8.8bn, EBITA margin 10.8%).

Analysis

Inwido has acquired a 70% stake in AJM Group, a family-owned Slovenian window and door manufacturer with approximately EUR 30 million in annual sales, 200 employees and a well-invested production facility near Maribor. AJM serves mid-to-high-end Central and Eastern European segments with a full product mix (PVC, aluminium, wood), a majority of sales including installation, six domestic showrooms and roughly 20% of sales exported into Austria and Switzerland; the company’s profitability is reported as in line with Inwido’s average.

The transaction provides Inwido a foothold in southeastern Europe and, according to management, offers synergy opportunities and a platform for further organic and acquisition-led growth; the deal includes a call/put option on the remaining 30% exercisable in early 2028. Given Inwido’s 2024 group sales of SEK 8.8 billion and an EBITA margin of 10.8%, AJM represents a strategic but modest incremental scale that strengthens exposure to CEE niche markets and installation-led revenue.

Market signals are moderately positive with a modest market-impact score, but material uncertainties remain: the purchase price and financing structure were not disclosed, integration execution will determine synergy capture, and the 2028 option creates contingent ownership timing and incentives to monitor.

Key Decisions for Investors

• Consider a constructive stance on Inwido's strategic expansion but size positions modestly until the company discloses the acquisition price and financing structure
• Monitor upcoming quarterly disclosures for AJM's contribution to sales and EBITA and for signs that margins remain in line with Inwido's reported 10.8% group EBITA
• Watch integration execution, utilization of AJM's expandable capacity and the terms/timing of the 2028 call/put option as key triggers to increase or reduce exposure