Selena Group has completed the first stage of a transaction involving the acquisition of 66% of the shares in a Portuguese holding company, becoming the owner of Irmãos Guimarães Martins, SGPS, S.A. — Grupo IGM — a leader in the production and distribution of high-quality sandwich panels. Through further acquisitions on a global scale, the Polish manufacturer is consistently expanding its portfolio with products from the building thermal modernisation and insulation segment, adapting its offer to dominant construction trends.
As announced by Selena Group in December 2025, the acquisition of shares in Grupo IGM is a staged transaction, and the agreement between the Polish company and the shareholders of Grupo IGM was concluded subject to conditions precedent. In mid-April, the due diligence process was completed, covering in particular financial and legal matters, and a decision was obtained from the Portuguese antitrust authority confirming that approval for the transaction was not required.
As a result, the key conditions precedent under the agreement for the acquisition of 66% of the shares were fulfilled, enabling the first stage of the transaction to be carried out. This confirms that the acquisition process is proceeding successfully and in line with the adopted assumptions.
Local Perspective
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 projects — primarily sandwich panels, metal profiles and finishing elements used in both residential and industrial buildings.
Its own production facilities in Portugal give Grupo IGM a significant advantage, thanks to which the company holds a substantial, several-dozen-percent share of the local sandwich panel market. At the same time, the company is gradually increasing the scale of its operations abroad, with its products supplied, among others, to Spain and selected export markets. In 2024, Grupo IGM recorded sales of EUR 66.5 million.
Forecasts indicate that in 2025–2034, 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, intensified building activity and the increasingly widespread use of sustainable architectural and structural solutions, especially in the industrial and commercial sectors. The Iberian Peninsula is not only aligned with Europe’s direction toward sustainable construction, but is currently one of the leaders of this transformation.
Legislation That Sets the Trends
In the European Union, low-emission construction is no longer a matter of choice, but is becoming a binding regulatory standard. As a result, the construction industry is seeing a structural shift in demand toward technologies and materials with better parameters, as well as services supporting transformation.
This also applies to the insulation sector. Advanced products that reduce energy losses, improve performance indicators and lower building operating costs are gaining importance.
“The acquisition of the Portuguese company is another step in consistently strengthening Selena Group’s position and expanding its portfolio with products that have promising growth potential and fit current construction market trends. We are observing growing demand for innovative and technologically advanced thermal insulation materials, and the completion of this transaction reflects the importance of this segment in the Group’s further development,” comments Sławomir Majchrowski, President of the Management Board 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,” adds Sławomir Majchrowski.
The remaining 34% of shares in Grupo IGM will be acquired by Selena Group in the second stage of the transaction, in accordance with the terms and deadlines 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
