Private equity firm 21 Investimenti acquired a majority stake in Carton Pack, a Rutigliano, Bari, Apulia, Italy-based fresh produce packaging company.
The amount of the deal was not disclosed.
Founded in 1970 by Leone family, Carton Pack develops, manufactures and sells packaging products for the food industry, with a strong focus on innovative solutions for Fruit & Vegetable packaging. Its market share within its reference market exceeds 20% and reaches peaks between 30% and 50% on certain high-value categories, such as grapes, strawberries, cherries, berries and tomatoes.
In the last three years, the company delivered an average top-line growth of 8% per annum, with gross revenues reaching €M 80 in 2017, of which about 30% generated abroad.
The transaction saw 21 Investimenti acquiring an 80% stake, with the Leone family keeping a 20% stake and Gianni Leone maintaining his role as CEO.
21 Investimenti will hel the company accelerate growth, supporting the management team, according to the following drivers:
– Organic growth: expand the customer base (especially in Central and Northern Italy) and product portfolio to closely related niches (dry food, dairy products), while reinforcing relationships with existing clients;
– International expansion: improve penetration and increase market share in existing foreign geographies (e.g. Spain and Greece), also through selected add-ons, and enter into new geographies offering interesting growth opportunities (e.g. Poland, Northern Africa).
21 Investimenti will also work towards reinforcing the company’s management team as well as improving the company’s overall efficiency.
FinSMEs
10/07/2018