PHI Industrial sells Covit to PAI Partners' Albéa

The sale ends an eight-year holding period for PHI.

Before being acquired by Albéa, Covit was a supplier to the French beauty packaging business, which in 2017 posted annual sales of €1.2bn. In January 2018, Albéa was bought by PAI Partners from Sun European Partners in an SBO for an undisclosed sum. The GP deployed capital from its PAI Europe VI fund to support the transaction.

Previous funding
PHI wholly acquired Covit in July 2010 from Group Vemsa to restructure the company, which was recording low sales and a significant loss. Under PHI's management, the company's business strategy was refocused on high-value products, a new plant was built and all aspects of the production were improved, PHI told Unquote.

Company
Founded in 1857 and based in Torelló, near Barcelona, Covit manufactures taps for perfume diffusers and cream jars, lipstick cases, and containers for make-up products, both standard and customised.

The company specialises in two industrial procedures to make metal components for the cosmetic industry: the deep drawing of aluminium, and anodizing, an electrochemical process that converts the metal surface into a decorative and durable item. Covit employs 180 people and in 2017 generated an EBITDA of €3.5m from revenues of more than €19m.

People
PHI Industrial – Alexander Wit (managing partner).
Albéa – François Luscan (CEO).

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