Carton Pack, one of the leading Italian producers of the packaging for the fruit and vegetable sector, changes hands, aims to accelerate growth through operations dM&A at European level and put the listing on the stock exchange on the agenda.
The Bari-based company, founded in 1970 by Leo familya turnover of about 100 million and one ebitda of 20 million, had been purchased in 2018 by 21 Invest and now the same investment fund founded by Alessandro Benetton (who a couple of months ago became chairman of the Edizione family holding) sells it to the private equity fund A&M Capital Europe.
Benetton sells Carton Park: growth will be abroad
“Carton Pack was able, thanks to 21 Invest, to further strengthen its leadership in the Italian market and expand its presence in foreign markets by becoming an international player in its reference market – says Gianni Leone, CEO of Carton Pack. “The partnership with Amce will allow our group to accelerate its growth also through M&A operations at European level”.
The founder, Nicola Leone, passed away in 2020, now his two sons Gianni and Giuseppe lead the company which has about 400 employees with 3 production sites and 15 distribution centers between Italy and Spain, for 1.300 customers in 40 international markets with about a third of sales abroad.
After the arrival of 21 Invest the company started the expansion of the productive part through the acquisition of the Box factory Marta di Conversano and the Spanish cellulose fiber packaging company Decapulp.
Furthermore Carton Pack in 2019 signed a collaboration agreement with Plastic Bank, becoming the first European company in the fruit and vegetable segment active in the transformation of the so-called "Social Plastic", or recycled PET from developing countries, says a press release.
On the agenda M&A operations and stock exchange listing
“At this point the company needed to make a further leap forward in its sector, also looking abroad, both from the point of view of distribution and from that ofacquisition of other companies synergistic production lines- to then think, in the not too distant future, of arriving to the listing on the stock exchangea source familiar with the deal told Firstonline. "To make this upgrade, it was therefore necessary to switch to an investment fund with an international scope and greater firepower".
A&M Capital Europe, a European middle-market private equity operator based in London and with 650 million euros under management, will acquire the majority stake in the company and among the first steps there will be a re-investment in the company with an important stake of minority that "will allow Carton Pack to consolidate its leadership in the European market, expanding its product portfolio, international presence and reference markets", states the press release.
