Grupa Kęty, a Polish aluminum processor, has signed a conditional agreement to acquire 100% of Metra Group for up to €450 million. The transaction, which could be finalized as early as January 2027 or by the end of Q1 2027, will be initially financed by a PLN 2 billion ($450 million) bridge loan from Bank Pekao. This acquisition aligns with Grupa Kęty's strategy to become a leading European aluminum processor and expand into North America, where Metra generates over 45% of its estimated €600 million revenue for 2026. Metra Group, with nine production plants across Italy, the US, and Canada, specializes in aluminum profiles for railway, architectural systems, and offers value-added services like painting and welding. Its estimated EBITDA for 2026 is around €90 million.
To refinance the bridge loan, Grupa Kęty plans to prepare for a bond issuance program within the next six months, aiming to be ready by the end of the first quarter of 2027. This move would diversify the company's funding sources. The bridge loan has a 24-month maturity and will be secured by shares of the acquired entity after the transaction closes, pending shareholder approval. The interest rate on the loan will be variable, based on WIBOR for PLN or EURIBOR for EUR, plus a bank margin.
Despite the significant acquisition, Grupa Kęty's management does not anticipate any material impact on its dividend policy, which typically involves distributing 60% of earnings to shareholders. The acquisition price is based on an enterprise value of €645 million, adjusted for net debt, and is subject to typical closing conditions, including antitrust and regulatory approvals. The acquisition is expected to strengthen Grupa Kęty's position in Europe, provide access to specialized expertise in high-margin segments, and leverage Metra's international presence in the architectural market.
