Peninsula Acquires Italy’s ISEM to Drive Packaging Industry Consolidation

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MILAN, May 31 (Reuters) – Investment firm Peninsula Capital said it had agreed to buy Italian high-end packaging company ISEM Bramucci in a deal worth around 90 million euros (97 million dollars) and aimed at new acquisitions in this still fragmented sector.

Reuters reported in January that London-based Peninsula was leading the race to buy ISEM Bramucci, which makes luxury boxes and folding cases to hold perfumes, cosmetics and champagne bottles, and whose customers include L’Oreal (OREP.PA) and Shiseido (4911.T).

At the time, the valuation was set between 80 and 90 million euros.

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The pandemic-fueled e-commerce boom has led to rapid growth in the packaging industry, with demand for paper packaging in particular also being fueled by a surge in deplasticization.

The paper packaging industry is energy-intensive and struggling with soaring gasoline prices.

Peninsula said ISEM Bramucci will continue to be led by current CEO Francesco Pintucci, while the chairmanship will be held by Marco Giovannini, former CEO and president of Guala Closures, an Italian manufacturer of safety bottle caps.

Giovannini’s area of ​​expertise could help ISEM Bramucci expand its spirits business, Peninsula said.

Peninsula said it sees room to bring together more Italian packaging companies and help them make the most of their proximity to make-up makers in a country that accounts for three-quarters of global cosmetics production.

Peninsula has a significant minority stake in Italian low-cost make-up brand Kiko Milano, which is already a client of ISEM Bramucci.

The acquisition was made by Peninsula’s main fund, with a co-investment from Italian asset manager 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.

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