The Board of Innovia Group has announced that Arle Capital (Arle) has acquired the Group from the Candover 2001 Fund for an enterprise value of €498 million with funds raised from a syndicate of new investors. This means ownership remains with funds managed by the same international private equity company.
“We are delighted that we will be partnering again with Arle who have worked closely alongside us since 2009,” comments CEO David Beeby. “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.”
The Innovia Group employs 1,600 people across Innovia Films and Innovia Security. It operates six manufacturing sites in Australia, Belgium, Mexico, UK and US coupled with a network of sales offices, agents and distributors throughout the world. This is all backed up by a strong and sustained commitment to innovation, service, quality and customer relationships.
Innovia Group recently announced £40M worth of investment on its Wigton site; £20M to be spent on a gas turbine and a new bubble which will increase its biaxially oriented polypropylene (BOPP) output by 10%. An additional £20M investment was announced after the Bank of England confirmed its decision to adopt polymer bank notes. This will enable Innovia Group to build a new plant to produce the new £5 and £10 polymer banknote substrate which will create a further 70-80 jobs on the site.