Inwido buys 70% of Croatian window maker Marlex at 5.1x EBITDA
What's the deal? Inwido, Europe's largest window group, has signed an agreement to acquire 70% of Croatian PVC and aluminium window manufacturer Marlex for an EBITDA multiple of 5.1x (6.3x EBITA) based on 2025 financials. The Swedish group is buying the stake from Marlex founder Marijan Rauš, with a call/put option for the remaining 30% in 2028.
Marlex, based in Varaždin, Croatia, employs around 270 people and generates roughly €33M in annual revenue. It is widely regarded as the market leader in PVC windows in Croatia, with profitability above Inwido's group average.
The deal is expected to close in June 2026. Marlex will continue operating under its own brand and management, joining Inwido's Business Area East.
Why now? The acquisition fits Inwido's long-standing playbook of growing through profitable companies with strong local brands. It also gives the group a platform for further expansion into southeastern Europe — a region where construction and renovation demand is rising.
"Entering Croatia is an important strategic step for Inwido," said Fredrik Meuller, president and chief executive officer. "The company fits very well with our strategy of growing through profitable companies with strong local brands."
What could go wrong? Minority-to-majority buyout structures with deferred options can create misaligned incentives between the acquiring group and the founder who stays on. Integration into a decentralised structure across 18 countries also carries execution risk, especially in a new market.
Croatia's construction sector, while growing, remains small and sensitive to EU funding cycles and tourism-driven demand.
The signal: Inwido now operates 36 business units across 18 countries with roughly US$1.09B in annual sales. The Marlex deal signals that established European building-products groups are looking beyond saturated Nordic and western European markets for bolt-on growth — and finding attractive multiples in the process. A 5.1x EBITDA price tag is modest by industry standards, reflecting the valuation gap that southeastern European targets still offer to acquirers with scale.
Read more: placera.se
