MILAN – Funding agency Peninsula Capital mentioned it had agreed to purchase Italian premium packaging agency ISEM Bramucci in a deal value round 90 million euros ($97 million), and focused additional acquisitions within the nonetheless fragmented trade.
Reuters had reported in January London-based Peninsula was main the race to purchase ISEM Bramucci, which makes luxurious bins and folding cartons to carry fragrances, cosmetics and champagne bottles, and whose clients embody L’Oréal and Shiseido.
On the time, the valuation was pegged at between 80 million and 90 million euros.
The e-commerce increase fuelled by the pandemic has pushed fast progress within the packaging trade, with demand for paper packaging particularly fed additionally by a de-plastification push.
The paper packaging trade is energy-intensive and has been grappling with the spike in gasoline costs.
Peninsula mentioned ISEM Bramucci would proceed to be led by present CEO Francesco Pintucci, whereas the chairmanship could be taken by Marco Giovannini, former CEO and chairman of Guala Closures, an Italian maker of security caps for bottles.
Giovannini’s space of experience may assist ISEM Bramucci develop its spirits enterprise, Peninsula mentioned.
Peninsula mentioned it noticed room to carry collectively extra Italian packaging corporations, and assist them benefit from their proximity to make-up producers in a rustic which accounts for 3 quarters of the worldwide cosmetics output.
Peninsula owns a big minority stake in Italian low-cost make-up model Kiko Milano, which is already amongst ISEM Bramucci’s clients.
The acquisition was carried out by Peninsula’s principal fund, with a co-investment by Italian asset supervisor Azimut.
($1 = 0.9327 euros)
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