The Innovia Group has been acquired by Arle Capital from the Candover 2001 Fund for €498 million, with funds raised from a syndicate of new investors. This means ownership of the packaging films specialist remains with funds managed by the same international private equity company.
David Beeby, Innovia's CEO, states "We are delighted that we will be partnering again with Arle who have worked closely alongside us since 2009. 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."
Innovia employs 1,600 people across two divisions - Innovia Films and Innovia Security. It has six manufacturing sites in Australia, Belgium, Mexico, the UK, and the US, plus a worldwide network of sales offices, agents and distributors.
The group recently announced a £40 million investment at its Wigton, UK, site, including a state-of-the-art gas turbine and a new 'bubble' which will increase its biaxially oriented polypropylene (BOPP) output by 10%.
Following the Bank of England's decision to adopt polymer bank notes, Innovia Group is also building a new plant to produce the new £5 and £10 polymer banknote substrate. This will create a further 70-80 jobs at the Wigton site.
www.innoviafilms.com
