Selena Group has acquired Grupo IGM

May 2026 — Selena Group has acquired a 66% stake in Grupo IGM, with the remaining 34% to be acquired after a three-year period through a put and call option mechanism. The transaction reinforces Selena Group’s international growth strategy through M&A and strengthens its position in Western Europe, particularly in the Iberian market. It supports the group’s long-term growth ambitions in sustainable construction solutions, expanding its capabilities and product offering in the energy-efficient construction segment.

Selena Group is a Polish-listed global provider of construction chemicals and ranks among the world's four largest manufacturers of polyurethane foams for the construction industry. Founded in 1992 and headquartered in Wrocław, Poland, the group operates across Europe, Asia and the Americas, supplying products to customers in more than 100 countries. With approximately 2,000 employees worldwide, Selena offers a comprehensive portfolio of construction solutions, including polyurethane foams, sealants, adhesives, waterproofing products, insulation systems and complementary building materials for professional construction applications.

Headquartered in Felgueiras, Grupo IGM specializes in the production, transportation and commercialization of isothermal solutions for the residential and industrial construction sectors, including sandwich panels, metal profiles and related finishing elements. The group has established a strong position in the Iberian market, with operations across Portugal, Spain and selected export markets. Grupo IGM comprises Irmalex, a manufacturer of isothermal panels primarily for the residential market; Erfil, focused on the commercialization of isothermal panels through retail stores; and IGM Transportes, dedicated to panel distribution. The transaction perimeter also included the carve-in of Termopainel’s panel manufacturing activity into Irmalex.

Our role in the transaction

Oaklins’ team in Portugal acted as the exclusive M&A buy-side advisor to Selena Group throughout the acquisition of Grupo IGM. The team provided support across the entire transaction process, including the initial approach to the target, coordination of negotiations, management of the due diligence process and assistance during the final negotiation and execution phases of the transaction.