January 3, 2025 14:08

Koinos Capital, through its Koinos Uno fund, has announced a new financial operation in the plastics sector, following its recent acquisition of Eurocolor.

The latest investment involves acquiring a majority stake in LAPI, based in Barco di Bibbiano in Reggio Emilia, Northern Italy. LAPI specializes in vacuum and automated thermoforming of plastics, including PS, ABS, PMMA, and PC, to produce large components for special vehicles, agricultural and earth-moving machinery, logistics, industrial equipment, and medical devices.

The acquisition includes the transfer of shares held by former shareholders Vaifro, Piero Campanini, and Lorenzo Baldi. Dimitri Campanini, son of one of the founders and current commercial manager of Lapiplast, will remain with the company after reinvesting in it.

LAPI operates three production facilities employing around 80 workers, with an EBITDA of approximately 3 million euros. From 2012 to 2023, the company achieved a compound annual growth rate of about 6%.
According to Koinos Capital, the target market, valued at around 1.5 billion euros, is expected to grow by 4% annually over the next five years.

“Aligned with its entrepreneurial buy-and-build strategy,” a company statement said, “Koinos Capital SGR’s entry into LAPI marks the launch of a new sectoral hub of excellence in the continuously evolving and growing field of computer-aided thermoforming. The transaction aims to create an integrated platform offering comprehensive solutions, high levels of service, and a strong focus on sustainability.”

This project is similar to Koinos Capital’s initiative in the masterbatch sector, which involved the acquisition of three Italian companies—Masterbatch, Ultrabatch, and Eurocolor—and resulted in the creation of the Impact Formulators Group (read article).

The development plan includes a five-year investment program to increase LAPI’s production capacity and competitiveness domestically and internationally. It also aims to consolidate specialized players in Italy and abroad, particularly in Spain, France, and the United States, focusing on materials or market segments not yet covered by the company.

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