Cheyne Strategic Value Credit, part of investment fund Cheyne Capital (London / UK; www.cheynecapital.com), is said to have concluded its acquisition of Italian packaging company Irplast (Empoli; www.irplast.com).

In tandem with the takeover, which Irplast said allows it to further boost its international development, the injection of new funds will also increase the firm’s capital structure. These include a bond for EUR 39m, entirely subscribed by Cheyne, as well as a short-term credit line of EUR 20m from Banca IFIS (Venice / Italy; www.bancaifis.it). In addition, another EUR 3m of capital funds is being invested, ensuring new liquidity to strengthen the firm’s assets.

Development plans include optimising Irplast’s film manufacturing process, which will progressively incorporate renewable raw materials and those from chemical recycling to cut CO₂ emissions and close the loop on packaging products.

Irplast added that its goal is also to maintain the sales growth of recent years and accelerate further margin improvement. The company generated turnover of EUR 97.1m in 2019 and is forecasting a small growth in sales in 2020 and a 12% rise in EBITDA.

Employing 350 people, Irplast has three production sites in Italy – one in Empoli and two in Atessa – producing 44,000 t/y of BOPP film.

Irplast CEO Fausto Cosi remains at the helm after Cheyne’s takeover, with Luca de Bartoloserving as chief operating officer.