3i Group plc (“3i”) today announces that Weener Plastics Group (“WP”), a leading manufacturer of innovative plastic packaging products for fast moving consumer goods companies in which 3i invested in June 2015, is acquiring Proenfar, a Colombia-based manufacturer of pharmaceutical and cosmetics plastic packaging solutions for the Latin American market.
This acquisition fits WP’s strategy of strengthening its geographic footprint, adding new innovative products to its existing portfolio and increasing its market share in strategic product categories such as deodorant packaging as well as entering new end markets, i.e. pharmaceutical.
The combined business will make WP a leading player in Latin America with revenues in excess of €90m in the region, through expanding its existing Mexican operations and adding new manufacturing sites in Colombia and Argentina, as well as a number of regional sales offices.
Proenfar, which employs more than 1,600 staff, was founded in 1946 and is a manufacturer of value-added packaging solutions for the pharmaceutical and cosmetic end markets. The company has four production sites and seven sales offices across Latin America. It serves clients across 20 countries and approximately 30% of its revenues are exports. The company’s services cover the entire value chain from project management and concept development, through tool building and testing, to production and filling.
Ulf von Haacke, 3i Managing Director and Head of Industrial, 3i Private Equity, commented:
“Proenfar fits perfectly into WP’s strategy of strengthening its emerging markets presence, growing in strategic product categories and adding innovative products. By acquiring Proenfar, WP will become a leading player in the Latin American dispensing products market and Proenfar will diversify WP’s current end market exposure through the addition of high margin pharma packaging.”
Roel Zeevat, Chief Executive Officer of WP, said:
“I am delighted by the acquisition of Proenfar which expands our offering into new geographies and products. The company is a leading player in the Latin American plastic dispensing packaging market and is very focused on innovation, with 40 R&D employees dedicated to launching new products and improvements, which will benefit our customers. We look forward to working with our new colleagues at Proenfar to drive further growth in our business.”