The parties

EMSA Capital

EMSA Capital is a private equity firm investing in turnarounds and special situations across Central and Eastern Europe. The firm has been active in the region since 1992. Beyond financial capital, it provides portfolio companies with operational enhancements and performance improvement solutions. Moreover, the team works alongside management to unlock and create value. EMSA Capital currently manages its third fund, the CEE Special Situations Fund, with capital of over €93 million.

Aplast

Aplast is a Romanian manufacturer of PVC windows and doors. The company has operated in the thermal insulation joinery market for over 25 years. Today, it has a presence in Central and Eastern Europe, Belgium, France and Italy.

Aplast strengthened its market position through a dual sales strategy. First, it supplies standardised double-glazed windows and doors in standard sizes to major DIY retail chains. In addition, it offers customised solutions through its partner network.

Extruplast Group

Extruplast Group is a privately held Romanian company with over 20 years of experience in uPVC profiles and related systems for windows and doors. The group designs, manufactures and distributes its products from Romania. Since its inception, the company has aimed to produce the highest quality uPVC extrusions available. As a result, it developed advanced extrusion techniques for 4, 5 and 6 chamber uPVC profile systems. Today, 10 state-of-the-art extrusion lines from Greiner Extrusionstechnik Group (Austria) and KraussMaffei (Germany) deliver an annual capacity of over 9,000 tons.

Outcome

The transaction marks a successful exit for EMSA Capital from its 100% shareholding in Aplast. By joining forces with Extruplast, Aplast becomes part of a vertically integrated group. The combined business now controls in-house extrusion capacity of over 9,000 tons annually. Consequently, it holds a stronger competitive position across Central and Eastern Europe and Western markets. The group can also respond more effectively to pricing pressure from lower-cost imports, while maintaining the quality standards behind its dual sales strategy.

Clairfield’s Role

Clairfield International acted as exclusive financial advisor to EMSA Capital throughout the sale process. The team advised on every stage, from preparation and positioning through buyer outreach, negotiation and closing. Furthermore, the mandate reflects Clairfield’s track record advising private equity clients on midmarket exits. It combines local execution strength in Romania with the partnership’s reach across Central and Eastern Europe.

Ultimately, the deal delivered a full exit for EMSA Capital and a buyer with strong strategic rationale, securing a buyer with clear industrial logic for the combined group.