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|Industries||Technical textiles, specialty chemicals|
The investment produced a 5.75× gross multiple of invested capital. It is among the most successful projects in the history of the Brno-based investment company.
In October 2018, Jet Investment sold Kordárna and Kordplast to the Thai petrochemical giant Indorama Ventures. Under Jet Investment's leadership, Kordárna, with its two production plants in Velké nad Veličkou, Czech Republic, and Senica in Slovakia, became a top European producer of cord and technical fabrics with potential annual production capacity of up to 50,000 tons. Kordárna’s production, which is fully integrated within its plants from fibre to fabric, is exported to more than 15 countries in Europe, North and South America, and Asia. Kordárna also has a strategic position in the heart of Europe's automotive industry, with key manufacturers of tyres and cars being located within a 500 km radius. Consolidation of Kordárna within the new owner’s petrochemical activities will lead to its future growth and importance on the global market.
|Company at divestment||
Jet Investment held Kordárna Plus in its portfolio for more than 8 years. During that time, it successfully stabilized the company, combined the production operations for geotextiles and geogrids into the Slovak Texiplast and subsequently sold that off to a strategic investor, shut down inefficient parts of the business, split off non-productive assets, unified the fractured structure of the company under Kordárna Plus and Kordplast, and, above all, implemented a strategy supporting further growth. During this period, the investment into production of its own technical fibre was also successfully completed and production of an entirely new product – high-tech carbon textiles – was initiated. Sales of cord fabrics tripled between 2010 and 2018, and the company succeeded in maintaining its position on the market in sales of technical fabrics for conveyor belts despite a slump in the customer market. EBITDA grew from CZK 56 million in 2010 to almost CZK 280 million in 2018. Kordárna also contributed substantially to the regional employment, increasing the number of employees by 250 under the Jet Investment management.
|Company at takeover||
Jet Investment, together with other financial partners, took over 100% ownership in Kordárna Plus, Kordservice, and Technické úklidové služby, and a minority share in Texiplast. This group of companies was at that time insolvent. Subsequently, in 2011, Jet Investment took over full ownership in Slovkord Plus. This was historically the first court-approved cross-border business reorganization in the Czech Republic, and later it was regarded as one of the most successful reorganizations generally. The company with a 75-year history had gotten into trouble during the financial crisis due to its inability to repay debts related to massive unfinished investments into manufacturing of its own fibre at the Senica plant. That plant had had to be closed down completely in 2009, the textile plant in Velké nad Veličkou was laying off workers, and it had lost most of its clientele among leading tyre manufacturers.