Milan / Greenwich, Conn. — L Catterton, the world’s largest consumer products-focused private equity firm, and Ambienta, the largest sustainability-focused European private equity fund, have partnered to acquire Pibiplast, a leader in the design and manufacture of cosmetics and personal care plastic packaging based in Correggio, Italy. — The Bosi family, founder and current owner of the company, will retain a minority stake. No information was provided on the terms of the transaction.
Founded in 1954 as a manufacturer of plastic packaging for the pharmaceutical industry, Pibiplast was a pioneer in the introduction of environmentally friendly packaging solutions. The company has continued its specialization in skin care and make-up through strategic acquisitions and investments in state-of-the-art technologies. Today, Pibiplast operates four plants in northern Italy and supplies more than 500 customers in 35 countries. The company offers a wide range of products and customized solutions for the cosmetics industry, from well-known global brands to emerging independent companies.
The company is excellently positioned to continue its historic growth in the future. Sales last year amounted to over 60 million euros. While numerous eco-friendly, natural and organic products are emerging in response to consumer demand, the cosmetics industry has been slow to embrace environmentally friendly packaging solutions.
Pibiplast was a pioneer in the first wave of companies to move away from highly polluting materials in the 1990s, replacing non-recyclable plastics with recyclable ones with better environmental performance. The company has also taken steps to use more sustainable materials such as bioplastics and recycled plastics. Pibiplast has a clear lead over the competition in terms of the use of highly recyclable raw materials (63% at Pibiplast vs. 28% market average).
Together with L Catterton and Ambienta, Pibiplast aims to accelerate its sustainability strategy by developing and promoting innovative packaging solutions based on environmentally friendly materials to meet increasing customer demand for reduced environmental impact. Andrea Ottaviano, Managing Partner of L Catterton Europe, says: “Sustainability has increasingly become a driving force for change in the cosmetics industry, and we have chosen Pibiplast as a leader in environmentally friendly packaging solutions. We look forward to working with Ambienta to support the company’s growth through heavy investment in R&D and capital investment. We further believe that the highly fragmented market presents meaningful opportunities to expand Pibiplast’s product offering through bolt-on acquisitions and strengthen its international presence.”
Mauro Roversi, Chief Investment Officer at Ambienta, comments: “It is a great opportunity for Ambienta to help Pibiplast tap into the growing demand for more sustainable packaging and position it for the exceptional future prospects of the cosmetics and personal care industry. Our goal is to establish Pibiplast as the undisputed leader in sustainable cosmetic packaging. We are confident that by working with L Catterton and Pibiplast’s outstanding management team, we can achieve our goals.”
Giorgio Bosi, CEO of Pibiplast, adds: “We are excited to work with our new partners to take Pibiplast into a new phase of growth and development by expanding our product portfolio and going international. Both L Catterton and Ambienta have exemplary track records in building leading brands and businesses. Together, we will realize Pibiplast’s strategic goals while staying true to our mission and core values.”
About L Catterton
With more than $15 billion in equity across six fund strategies and 17 offices worldwide, L Catterton is the largest end-user product-focused private equity firm in the world. L Catterton’s team of more than 160 investment and business professionals works with management teams around the world to execute strategic plans to drive growth, leveraging deep product and market category insights, operational excellence and a broad network of “thought partnerships.” Since 1989, the company has realized over 200 investments in leading consumer brands. — L Catterton was created through the partnership of Catterton, LVMH and Groupe Arnault. www.lcatterton.com.
Ambienta is a leading European private equity firm with offices in Milan, Düsseldorf and London. Focuses on growth investments in industrial companies that focus on trends in environmental technology. Ambienta manages the world’s largest capital fund in this sector, with more than €1 billion, and has already completed 27 resource efficiency and environmental investments across Europe. With industrial and management expertise as well as global industry contacts, Ambienta actively contributes to the development of its portfolio companies. For more info, visit www.ambientasgr.com.