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NETWORK and its long-term Polish partner Excalibur Capital, exclusively advised the shareholders and management of RECARO Holding on the acquisition of the Polish GRWOWAG d.o.o., a leading Polish manufacturer of seats in the railway sector.


As part of its growth strategy, RECARO in future intends to also focus on seating solutions in the European railway market in addition to its leading position in the global market for aircraft seats. The Polish company Growag d.o.o. has been identified as a target. Network and Excalibur jointly accompanied the entire acquisition process, from the valuation to the coordination of the due diligence and from the contract negotiations to the closing.


RECARO is the global market leader in innovative solutions for passenger seats in the aviation sector and has an outstanding reputation, many years of expertise and a global market presence. As part of its growth strategy and in changing market environments, RECARO will be able to utilize its existing market position and know-how also in the area of seat components in the rail sector. Growag is the leading manufacturer of train seats in Poland with a strong presence in Eastern European markets. In order to support Growag’s further development, the selling private shareholders were looking for a strong strategic partner with an international reputation and strong financial power to offer Growag a future with far-reaching perspectives at the location. RECARO, which already builds aircraft seats in Poland, was the ideal partner.

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