With the acquisition of Vitrablok, Progresus acquired the Seves Glass Block brand, the world's largest glass block manufacturer

In 2023, the Progresus Group became the largest secured creditor of the Duchcov-based company, which was forced to declare insolvency in October 2023 due to unfavorable conditions in the glass industry in 2022, through the purchase of a receivable from Komerční banka worth more than EUR 10 million. Following the approval of the creditors' meeting, Progresus subsequently took part in an international tender, where it convincingly prevailed with its highest bid.

JUDr. Lukáš Zrůst, Ph.D., LL.M., MBA, BA (Hons), co-owner of Progresus Group, who is one of the most experienced people in the Czech Republic in the field of business management and restructuring, used his vast practical and academic experience in the tender. Lawyer, entrepreneur, investor, attorney with a focus on financial and insolvency law and, last but not least, insolvency trustee with a special authorization, he has previously conducted several thousand insolvency proceedings from the position of insolvency trustee, i.e., managed the process of bankruptcy or reorganization of companies with billions of CZK of turnover and employing upper thousands of employees.

"We are glad to have been able to be a helping hand in saving this company, which is a world leader with hundreds of employees. We couldn't just stand by and watch several hundred people lose their jobs and let a company with 112 years of history in the industry disappear almost overnight. I am grateful that our bid was unanimously approved as the winning bid and that we can add another traditional Czech company with a long history and international reach to our portfolio," says Lukáš Zrůst, co-owner of the Progresus Group, which also owns the largest Czech manufacturer of timber buildings, RD Rýmařov.  "In my career as an insolvency trustee, I have had the opportunity to go through this process with many companies. Thanks to this experience, we were able to successfully keep Vitrablok alive together with all the participants in the process.  Vitrablok impressed me with its professional approach, fairness of the management team and amazing employees with their hearts in the right place. These were the main reasons why we decided to go ahead with the purchase. I would like to thank everyone who contributed to the survival of Vitrablok and gave it a chance to breathe again,” he adds.

PwC provided advice to the insolvency trustee throughout the international tender. As a secured creditor, Progresus has already done everything possible to successfully preserve the operations of the plant, in particular its economic and personnel resources, with an emphasis on paying salary to all of its more than 200 employees, which the Group considers a key component of its business. "I am glad that it is the Progresus Group, which is interested in investing in the company, that has finally bought our company from among the potential bidders. We have already agreed on the first crucial step, which will be the long-awaited investment in the glass furnace,” says Petr Králík, CEO of the company. Employees of the Czech branch had the opportunity to meet the new owners and ask them questions before the company officially changed ownership. "I see the introduction of the new owners to the employees as positive, everyone is looking forward to the first discussions about the development of the company. Now it is time to look forward,” adds CEO Petr Králík.

"We definitely want to continue the business activities of the company. We plan to keep developing our focus on R&D and strengthen the company's position in the global market. Seves Glass Block has done amazing things, such as a skyscraper in Tokyo for Hermés and work for the world's top architects. Of course, we want to continue this and defend and maintain our position as a world leader,” says Lukáš Zrůst when commenting on future plans. However, the company will undergo one change already now: it is currently transferring from VITRABLOK, s.r.o. to a new company Seves Glass Block s.r.o., thus unifying its name with the strong and world-famous international brand Seves Glass Block, under which the group operates in the global market.

Progresus completed the transaction together with a co-investor, Casper Group, with which Lukáš Zrůst had already successfully worked as an insolvency trustee.  Casper Consulting is a leader in the Czech market in the field of restructuring and rescue of companies, financial management and optimization of payment processes. With 29 years of experience and over CZK 35 billion in assets under management, the company prides itself on its long-term stability and expertise. Its major achievements include a seven-year exclusive partnership with the largest investment bank in the US, J.P. Morgan Chase, and the establishment of a joint venture with Raiffeisenbank. It has also worked successfully with Santander and other major partners.

About Seves Glass Block

The history of glass production in the North Bohemian town of Duchcov dates back to 1912. Today the company is the world's leading manufacturer of glass blocks with a wide range of applications from standard blocks, through design blocks used by architects to technological blocks with highly functional properties (photovoltaic, thermal insulation, fireproof, bulletproof and safety blocks).

A strong brand, focus on R&D, production of technologically complex products and collaboration with architects and end users is the basis for a presence in more than 100 countries on 6 continents. Thanks to its stable customer base, the company has achieved a turnover of up to CZK 1.4 billion in recent years. Most of the sales revenues are generated by the markets in Europe and North America. The company employs more than 200 people in the Czech Republic and Italy and has a production capacity of 29 million glass blocks per year in various sizes and shapes.

Among the most interesting projects in the world are the Hermés building in Tokyo by Renzo Piano, the Deusto library building in Bilbao by Rafael Moneo, the Palacio Termal spa building in Panticosa, Spain by Moneo Brock or the showrooms of fashion brands Bottega Veneta and Stella McCartney. In the Czech Republic, the most interesting applications by architect Eva Jiřičná can be found in Zlín, where glass blocks can be admired by visitors of the Convention Center or the Vice-Chancellor's Office and Library of Tomáš Baťa University.

About Progresus Group

Progresus is an investment group operating mainly in the field of industrial and residential property development. Its portfolio includes industrial buildings and thoroughly planned residential districts, all with regard to economic and environmental sustainability. It is also dedicated to the development of its own timber construction plant with a 50-year history, RD Rýmařov, which is a leading European supplier of timber buildings and has cumulatively achieved sales of over CZK 33 billion throughout its existence. Within its technology hub, Mykilio, it develops new materials with the potential to reduce the carbon footprint of the construction industry.

About Casper Group

Casper Consulting boasts a wealth of experience from tens of thousands of managed claims worth tens of billions of CZK. The CASPER GROUP, to which Casper Consulting belongs, comprises nine companies focusing on business restructuring and rescue, financial management and optimization of payment processes, consulting, real estate, property management and rental, financial leasing, loans for transport equipment, alternative energy sources and the sale of defense equipment and optics.

The value of the Casper Group's consolidated assets exceeds CZK 2 billion and in 2023 it reported a net turnover of CZK 330 million. Casper Consulting is distinguished by its reliability and success in the field of business restructuring and debt management.

Photos from the meeting with employees and from the plant production can be found here: https://bit.ly/3S0CCmR 

Photo descriptions - the pictures show:

• JUDr. Lukáš Zrůst BA (Hons), LL.M., MBA and Lukáš Foral, co-owners of Progresus Group 

• Ing. Petr Králík, CEO of Vitrablok

• Ing. David Štekl, co-investor from Casper Group

Contact for the media:

Progresus Group I Ivana Radějová I [email protected]