The IGI Investimenti Sei Fund (IGI Private Equity) has sold Nuovaplast to Valgroup, the holding company of a group that has been active in the virgin and recycled polymers industry for over 45 years and has a turnover of around USD 1.5 billion. Today Valgroup is one of the largest producers, processors and recyclers of polymers, with operations in Brazil, Spain, the United States, Mexico and Uruguay.
In January 2019, IGI Private Equity acquired control of Nuovaplast, a company based in Villa Lempa (Teramo) and active in the production of PET preforms for the mineral water, oil, milk, detergent and personal care sectors. Entrepreneur Roberto Tomasoni, the previous owner, and Equilybra S.p.A. participated in the transaction as minority shareholders.
In recent years, the IGI fund has pursued a process of business development aimed at consolidating the company’s leadership position in the market, expanding production capacity, and maintaining technological and automation leadership through major investments.
The fund has strategically integrated Nuovaplast upstream in the value chain thanks to the new plant for the production of recycled PET from post-consumer bottle flakes through a new company called 3R, and has carried out the generational transition from the entrepreneur Tomasoni thanks to the progressive managerialisation of the company.
In 2022, Nuovaplast expects to close the year with a turnover of more than 90 million euro and an Ebitda of around 15%.
Valgroup, a Luxembourg-based holding company, converts over 600,000 tonnes per year of virgin resins into rigid and flexible plastic packaging and over 100,000 tonnes of post-consumer recycled plastic.
Most of Valgroup’s activities are located in Brazil; its presence in Europe is marginal (in Spain) and limited to recycled PET resins.
“With Nuovaplast we have accomplished, among many others, two fundamental objectives of our investment strategy: the management of the generational transition in the company with the entry of a team of capable managers and the implementation of a circular economy project with the investment in the subsidiary 3R, which allows the Nuovaplast group to internalise the production of R-PET (recycled PET) starting from post-consumer bottle flakes,” says Angelo Mastrandrea, partner of IGI Private Equity, “Thanks to the work done, we have sold Valgroup a market-leading company with a solid management team and a clear green vocation.”
“With this transaction we want to diversify the group’s core business, also geographically by expanding our presence in Europe,” says Luigi Geronimi, President of Valgroup, “The acquisition of Nuovaplast will allow us to enter a new market with an already well-established position and the development of synergistic relationships with the main suppliers and customers in the sector, and achieving economies of scale.”
IGI was assisted in the sale by Mediobanca, financial advisor for the transaction, with a team including Andrea Sorci, Magda Pellecchia and Eleonora Candeo; LABS Corporate Finance, advisor for the structuring of the transaction, with Luca Spazzadeschi and Elena Giacomelli; Studio Legale Chiomenti, for the legal part, with partner Luca Liistro, Arnaldo Cremona, Maria Laura Zucchini and Carola Dalla Riva; KPMG supported the company on the financial due diligence with partner Lorenzo Brusa and Marco Gambaro; for the tax part Studio Legale Molinari Agostinelli with a team formed by Ottavia Alfano, Antonio Cuoco and Matteo Mairone.
Valgroup was assisted in the acquisition by TARGET for legal advice and for the tax structuring of the transaction (with a team including Fabio Coppola, Enrico Cossa, Taila Centrella, Beatrice Pezza, Teresa di Lillo, Giacomo Antonini and Francesco Lisciandra); Bfc & Associati with partner Paola Cossa for financial statement and financial analysis advice; BDO for financial due diligence (with partner Ferdinando Fraschini, Giorgio Sbreviglieri, Vittorio Massimilla and Francesco D’Amico), for tax due diligence (with partner Pietro Gracis) and for HR due diligence (Alessio Buonaiuto, Arianna Lucariello, Federico Fornaroli and Alessia De Masi).