Portobello buys Poligof from 21 Invest

Following the deal, the company's management team – led by CEO Luca Parolari – will stay on with the business.

This is the first direct investment made by Portobello outside of Iberia. The GP is currently investing via its Portobello Capital Fund IV, which closed on €600m in December 2017 and is around 60% deployed.

With Portobello's support, Poligof plans to consolidate its position across Europe, expand in new markets and further boost its growth.

Poligof was put on the market in July 2019, when 21 Invest mandated Alantra to run the sale, according to press reports. In March 2020, the sale process entered its exclusivity stage, but was delayed by the pandemic.

The sale ends a five-year holding period for 21 Invest, which bought an 80% stake in Poligof via its 21 Investimenti III fund. The founding Gatti family and the management team reinvested in the business and retained a minority stake.

Company
Founded in 1979 and headquartered in Lodi, Poligof produces backsheet film for hygiene disposable products, sanitary products and nappies.

Its client base includes several international personal care and hygiene companies, such as Ontex, Essity and Kimberly-Clark.

Employing 450 staff and operating four facilities across Italy, India and Russia, Poligof generates annual revenues of around €120m, of which 90% comes from outside Italy.

People
Portobello Capital – Luis Peñarrocha (partner).
21 Invest – Alessandro Benetton (founder, managing partner).
Poligof – Luca Parolari (CEO).

Advisers
Equity – Brera Financial Advisory (corporate finance); Chiomenti (legal).
Vendor – Mediobanca (corporate finance); Allen & Overy (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Portobello Capital
• 21 Partners
• Italy