MILAN, May 31 (Reuters) – Investment agency Peninsula Capital mentioned it had agreed to buy Italian premium packaging agency ISEM Bramucci in a deal value round 90 million euros ($97 million), and focused additional acquisitions within the nonetheless fragmented industry.
Reuters had reported in January London-based Peninsula was main the race to buy ISEM Bramucci, which makes luxurious containers and folding cartons to maintain fragrances, cosmetics and champagne bottles, and whose clients embrace L’Oréal (OREP.PA) and Shiseido (4911.T).
At the time, the valuation was pegged at between 80 million and 90 million euros.
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The e-commerce growth fuelled by the pandemic has pushed fast development within the packaging industry, with demand for paper packaging specifically fed additionally by a de-plastification push.
The paper packaging industry is energy-intensive and has been grappling with the spike in fuel costs.
Peninsula mentioned ISEM Bramucci would proceed to be led by present CEO Francesco Pintucci, whereas the chairmanship can 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 might assist ISEM Bramucci develop its spirits enterprise, Peninsula mentioned.
Peninsula mentioned it noticed room to convey collectively extra Italian packaging corporations, and assist them take advantage of of their proximity to make-up producers in a rustic which accounts for 3 quarters of the worldwide cosmetics output.
Peninsula owns a major 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 (AZMT.MI).
($1 = 0.9327 euros)
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Reporting by Valentina Za and Francesco Zecchini; Editing by David Holmes
Our Standards: The Thomson Reuters Trust Principles.
Peninsula clinches buy of Italy’s ISEM to drive packaging industry consolidation & More Latest News Update
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