Caixa Capital Risc commits €2m to Forest Chemical

The VC invested via Caixa Innvierte Industria, a €23m fund that backs Spanish SMEs in industrial transportation, equipment and machinery, and the chemical and pharmaceutical industries.

The vehicle is part of the public-private financing Innvierte Program and is managed in partnership with Spain's Centre for the Development of Industrial Technology (Centro para el Desarrollo Tecnológico Industrial). The transaction is the third completed through the fund since its launch in November 2012.

The fresh funding will advance the national expansion of the firm and its launch into international markets.

Company
Founded in 2009 and based in Alicante, Forest Chemical Group operates in the hot-melt adhesive sector. The firm manufactures adhesives and distributes certain products for application in the industrial and horticultural sectors, among others. The firm uses thermoplastics to create its adhesives, which can be applied to a range of surfaces. The material is neither toxic nor flammable.

Forest Chemical employs 12 members of staff and closed 2012 with a €1.5m turnover.

People
Carlos Trenchs is a director at Caixa.

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• Topics
• Southern Europe
• Industrials
• Expansion
• Spain