Business Forum • 26 July, 2024 at 12:43 PM
Abris Capital Partners, the ESG transformation specialist private equity investor and B Corp, has signed an agreement to sell 100% of the shares in Dot2Dot, the largest independent premium packaging producer in Central Europe, to Van Genechten Packaging, a leading European folding carton solutions provider, headquartered in Belgium and with 12 production plants across Europe. The transaction is subject to Polish antimonopoly clearance.
Headquartered in Gdańsk, Poland, Dot2Dot manufactures and sells complex and innovative packaging products to customers throughout Europe, covering all sectors of the economy, from beauty and personal care to food and non-food packaging. Customers include some of the world's largest corporations, including many renowned global brands. The company has 350 employees across two facilities in Poland. Dot2Dot Is also an ESG champion, offering to its clients sustainable products and operating a modern and inclusive business model.
Edgar Kolesnik, Partner at Abris Capital Partners, commented: “Alongside the enormously dedicated and determined management and the broader senior team, we successfully completed the transformation of Dot2Dot from three founder-led businesses into an integrated company with well-diversified sales, two modern production plants, a strong culture and unified technology standards. We are pleased that the company is in fantastic shape to move into the next phase of its growth story with Van Genechten.”
Abris' partnership with Dot2Dot began in June 2015, with the acquisition of Graf-Poz, a Poznan-based manufacturer of paperboard premium packaging. The company provided a strong platform for consolidating a number of complementary businesses into a single, major supplier of premium packaging products to blue-chip clients. In April 2016, Abris completed two further acquisitions, of Druk Markuszewscy, based in Gdansk, and Drukpol, based near Warsaw. This widened the group's product offering and strengthened its competitive position, at the same time creating the largest independent premium packaging producer in the Central Europe region.
During the course of its investment, Abris has transformed Dot2Dot from a group of family-owned businesses with different cultures and technology into a modern, multi-site production company with plants in Gdansk and Warsaw, and a particular strength in key sectors including beauty, personal care and confectionery. Abris has focused on improving corporate governance, including bringing in a new CEO, CSO, CPSO and CFO, as well as more than 30 other senior positions.
The company has also performed exceptionally well on ESG during the course of Abris' investment. In 2023, Dot2Dot generated 94% of its revenue from reusable, recyclable or compostable products, avoiding more than 83 million units of plastic packaging, and reducing carbon emission per million euros of revenue by more than 50% versus 2022. In addition, more than 50% of senior managers at Dot2Dot are women. The company won the Grand Prix award at the 2024 Abris Capital Partners ESG Awards.
Prof. Dr. Frank Ohle, CEO of Van Genechten Packaging, said: “Apart from sharing the same DNA, we are leveraging our capabilities in several strategic market segments. With this acquisition, we are not only strengthening our European market position in premium packaging but also significantly extending our multinational customer base. We look forward to a successful collaboration and the exciting opportunities ahead.”
Krzysztof Roslaniec, CEO of Dot2Dot, added: “I would like to thank the entire team at Dot2Dot for their dedication over recent years, as well as to the team at Abris, without whom our transformation into the leading player in our sector would not have been possible. We are looking forward to the next stage in our journey with Van Genechten, and to continuing to provide the best quality products and services for our customers across the globe.”
Abris Capital Partners
Abris Capital Partners is the leading ESG transformation specialist private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Established in 2007, Abris seeks to identify and partner with the most successful and dynamic mid-market businesses in Central Europe, which can benefit from an input of capital and management expertise at both strategic and operational levels, while driving growth through ESG transformation. Abris was certified as a B Corp in May 2023. With investment capital of almost €1.3 billion, Abris has obtained financial backing from many leading global investment institutions including corporate and public pension plans, financial institutions, funds of funds and US university endowment funds. Abris has a long-term investment horizon and usually targets transactions in which it is able to acquire a majority or sole ownership position. The Abris advisory business operates using teams based in Warsaw and Bucharest.
Dot2Dot
Dot2Dot is the leading supplier of sustainable packaging with focus on premium markets. With over €50 million in sales, the company has for years been a trusted supplier for many multinational and local Polish customers, with a focus on the Confectionary and Beauty & Personal Care segments. Based in Poland with cutting-edge manufacturing capabilities, the company operates two manufacturing plants near Gdansk and Warsaw. During last three years, the company has completed an investment program with a value of €20 million. The company offers a broad range of packaging solutions and technologies, with a focus on replacing plastic with paper.
Van Genechten Packaging
Where people, brands and folding carton meet, that is where the magic happens at VGP, every single time. For 190 years, VGP has believed in the unique impact of packaging for brands and products, for people and the planet, and has made it work. Today it remains one of the last truly independent European packaging specialists in 9 countries with HQ in Turnhout, Belgium, 12 folding carton sites, 1 extrusion site and 1 rigid boxes design & production center. Customers have come to value both this presence and independent spirit: typical is VGP's ‘people first' approach, where customer-centric collaboration is key to success. It has won the company many leading industry awards. VGP generates an annual revenue of about €450 million. As a leading provider of packaging in European fast-moving consumer goods, the company continues to grow in printed folding cartons, offset laminated corrugated board, POS displays and a wide range of other packaging solutions.