Arle Capital has acquired the Innovia Group from the Candover 2001 Fund for an enterprise value of €498 million, with funds raised from a syndicate of new investors.
The deal means that ownership remains with funds managed by the same international private equity company. “We are delighted that we will be partnering again with Arle, who have worked closely alongside us since 2009,” said David Beeby, CEO of the Innovia Group. “They share our vision for the future and will continue to support new investment in both the films and security businesses moving forward.”
“This transfer of ownership means that the Innovia Group has a strong future. It enables the company to sustain its growth plans across our technologies, brands and trademarks.”
According to a press note about the ownership change, Innovia recently announced £40 million worth of investment at its Wigton site in the U.K.
Half of that amount is due to be spent on a state-of-the-art gas turbine and a new “bubble” that will increase Innovia’s biaxially oriented polypropylene output by 10 percent.
The other half was announced after the Bank of England confirmed its decision to adopt polymer bank notes, a move that will enable Innovia to build a new plant to produce the new £5 and £10 polymer banknote substrate and that will create a further 70–80 jobs at the site.
Currently, the group employs 1,600 people across two divisions—Innovia Films and Innovia Security. It operates six manufacturing sites in Australia, Belgium, Mexico, the U.K., and the U.S., coupled with a network of sales offices, agents and distributors around the world.
Category: Breaking News