Polish modular producer Polcom will be able to expand its operations thanks to a financial package provided by a consortium of banks to which the EBRD is contributing PLN 108.43 million (€25 million equivalent).
Polcom is supplying the hospitality industry worldwide with modular prefabricated elements which are manufactured away from a building site and later installed on site.
The company set out as a furniture maker in 1989 and developed rapidly into a high-quality international furniture manufacturer for the hospitality industry. In 2012, Polcom began producing fully-furnished steel-framed volumetric building systems.
The new funds will allow the company to expand its production facilities in Gdynia and Chojnice, build a new factory and refurbish its steel plant in Gdynia. Based in Poland with three production sites, Polcom today also has representative offices in the US and the UK and serves customers worldwide such as Marriott, Hilton, citizenM, Intercontinental Hotels Group, Accor, etc.
The transaction finances a company which has cutting-edge technology and is at the forefront of global innovative industry, disrupting traditional construction and providing for significant productivity improvements. In addition to productivity gains, modular construction can have a massive environmental impact as buildings are responsible for 40 per cent of energy consumption and 36 per cent of CO2 emissions in the EU.
The EBRD loan is part of a PLN 641 million (€149 million equivalent) package arranged by Santander Bank Polska, mBank and PKO Bank Polski to also refinance the company’s recent leveraged buyout.
To date, the EBRD has invested more than €10 billion in Poland through 422 projects.
