Selena Group has completed the first stage of a transaction involving the acquisition of a 66% stake in the Portuguese holding company Irmãos Guimarães Martins, SGPS, S.A. (Grupo IGM), becoming the owner of one of the leading producers and distributors of high-quality sandwich panels. Through further global acquisitions, the Polish manufacturer is consistently expanding its portfolio with products from the thermal modernisation and building insulation segment, adapting its offer to key trends shaping the construction sector.
As announced by Selena Group in December 2025, the acquisition of Grupo IGM is a staged transaction. The agreement between the Polish company and Grupo IGM’s shareholders was signed subject to certain conditions precedent. In mid-April, the due diligence process was completed, covering in particular financial and legal matters. In addition, the Portuguese competition authority confirmed that no approval was required for the transaction.
This means that the key conditions precedent for the acquisition of the 66% stake have been fulfilled, enabling the first stage of the transaction to be completed. The process shows that the takeover is progressing successfully and in line with the adopted assumptions.
Grupo IGM holds a leading position in the market for isothermal construction solutions on the Iberian Peninsula. The company focuses on the production, distribution and sale of materials used in roofing and façade systems, primarily sandwich panels, metal profiles and finishing elements. These products are used in both residential and industrial buildings.
Its own production facilities in Portugal give Grupo IGM a significant competitive advantage. Thanks to this, the company holds a substantial, double-digit share of the local sandwich panel market. At the same time, Grupo IGM is gradually increasing its international presence, with its products supplied, among others, to Spain and selected export markets. In 2024, the company generated sales of EUR 66.5 million.
Forecasts indicate that between 2025 and 2034, the sandwich panel market on the Iberian Peninsula will grow at a compound annual growth rate of 5.20%.[1]
This growth is driven primarily by numerous new investments in energy-efficient construction, increased construction activity, and the wider use of sustainable architectural and structural solutions, particularly in the industrial and commercial sectors. The Iberian Peninsula is not only aligned with Europe’s shift towards sustainable construction, but is currently among the leaders of this transformation.
Regulation is setting the direction
In the European Union, low-emission construction is no longer merely an option but is becoming a regulatory standard. As a result, the construction industry is undergoing a structural shift in demand towards technologies and materials with better performance parameters, as well as services that support the energy transition.
This also applies to the insulation sector. Advanced products that reduce energy losses, improve building performance indicators and lower operating costs are becoming increasingly important.
“The acquisition of the Portuguese company is another step in consistently strengthening Selena Group’s position and expanding our portfolio with products that offer long-term growth potential and fit current trends in the construction market. We are observing growing demand for innovative and technologically advanced thermal insulation materials, and the finalisation of this transaction reflects the importance of this segment for the Group’s further development,” said Sławomir Majchrowski, CEO of Selena Group.
“We are not slowing down in implementing our plan to build a strong production and distribution hub in Western Europe, which is a priority direction for our global growth. These activities include both organic expansion and targeted acquisitions, as confirmed by our recent acquisitions, including those in France,” he added.
The remaining 34% stake in Grupo IGM will be acquired by Selena Group in the second stage of the transaction, in accordance with the terms and timetable set out in the share purchase agreement.
[1] Source: Iberian Sandwich Panel Market Size and Share Outlook – Forecast Trends and Growth Analysis Report (2025–2034).
