December 18, 2024 15:22

Inn-Flex, a North Italy-based manufacturer of flexible packaging for the pet food sector, has completed its acquisition of the Serbian company Papir Print, a deal first announced in September.

The €6 million deal was finalized through the creation of a special-purpose vehicle in Serbia, financed 51% by Inn-Flex, 24.5% by Finest—an organization that supports the internationalization of businesses in northeastern Italy—and 24.5% by Simest, an Italian financial institution supporting foreign investments by Italian businesses, using a venture capital fund managed by the Italian Ministry of Foreign Affairs and International Cooperation.

Papir Print, valued at €13 million, specializes in the production of plastic films and bags for the food, beverage, pharmaceutical, and chemical industries.

“With this acquisition,” said David Tomasin, CEO of Inn-Flex, “we are strategically positioning ourselves in a key area of Southeast Europe with significant growth potential in the coming years.” Tomasin added, “We anticipate major operational synergies within the group, which will support our efforts to internationalize processes, enhance product quality, and strengthen our commercial competitiveness. Additionally, this acquisition opens the door to prominent markets like food and beverage, with key clients such as Coca-Cola and Nestlé.”

Founded in 2005 by the Volpato family, Inn-Flex is headquartered in San Giovanni al Natisone, northern Italy, with an additional facility in Villesse, Gorizia. The group already operates in Serbia through its subsidiaries Vopachel and Fox-Pac, which focus on polyethylene film production.

In 2024, Inn-Flex expects to generate more than €75 million in revenue, with a consolidated EBITDA nearing €9 million. The company has experienced 78% revenue growth over the past three years, with 67% of sales coming from international markets. In Italy, the group holds a 35% market share in the pet food packaging segment.

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