Investindustrial's Benvic bolts on Alfa PVC

To support Benvic's acquisition, Investindustrial deployed additional equity via its Investindustrial Growth Fund.

With this add-on, the GP expects to consolidate Benvic's position in the European PVC compounding market by acquiring a manufacturing footprint in Poland and expanding its operations in central and eastern Europe. In addition, the deal will support Benvic's plan to diversify its product offering and focus on establishing environmentally friendly polymer solutions, including biodegradable and renewable compounds.

Following the transaction, Alfa PVC will continue to be managed by its existing CEO and co-founder Andrzej Trebicki, who will work closely with Luc Mertens, CEO of Benvic, to boost the growth and development of the company.

This is the second add-on made by Benvic, following the acquisition of VinyLoop's PVC recycling plants in September 2018. In addition, Benvic is currently in exclusivity for an acquisition in the bio-polymers sector.

Investindustrial bought France-based PVC compound maker Benvic from OpenGate Capital in an SBO inked in January 2018. The deal ended a four-year holding period for OpenGate, which acquired Benvic for an undisclosed amount from Solvay, the company's Belgian parent.

Investindustrial deployed capital from its Investindustrial Growth Fund to acquire the company. The vehicle was launched in March 2018 and held a final close on its €375m hard-cap in less than three months. It deploys equity tickets between €10-50m and invests in European lower-mid-market companies operating in the luxury, furniture and industrial sectors.

Company
Founded in 1998 and headquartered in Warsaw, Alfa PVC specialises in manufacturing polyvinyl chloride and pre-mix compounds for rigid and flexible applications used in a wide range of industries, including medical, food, technical, construction and packaging. The company employs 30 staff and operates a recently built production facility located in Witkowo.

People
Investindustrial – Andrea C Bonomi (chair).
Benvic Europe – Luc Mertens (CEO).
Alfa PVC – Andrzej Trebicki (co-founder, CEO); Jens Priess (co-founder).

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