21 Invest Italy is pleased to announce the sale of its portfolio company Poligof to Portobello Capital, a Spanish mid-market private equity. Poligof is a leading European player in the production and sale of backsheet film for hygiene applications with over 40 years of experience. The company, headquarted in Lodi (Italy) and with production plants also in Mira (Italy), India and Russia, is one of the top three manufacturers of backsheet film in Europe thanks to it’s strong international presence and its extensive and customized product portfolio.
Acquired by 21 Invest in 2015, throughout the holding period Poligof expanded operations abroad by establishing a presence in India in 2015, followed by Russia in 2017, in order to better serve both global and local clients. The company also ramped up production capacity in Italy, successfully integrating the Mira and Lodi plants, achieving efficiency and scale in its operations. In addition, the company completed a full managerial transition, with the hiring of a General Manager in 2018 and a new CEO in 2020.
Thanks to the essential nature of hygiene disposables, Poligof has continued to grow also during the Covid-19 emergency with production plants running at a substantially normal pace and Russian operations growing at almost 50% in 2020, reaching full speed despite the pandemic. Poligof is expected to generate revenues of over €M 120 in 2020.
As a result of the above, Poligof grew at a steady pace with volumes sold increasing by more than 50% during the investment period and with foreign sales now representing 90% of total revenues (compared to 70% at entry); at the same time, Poligof has reached agreements with long-standing key customers to support the company’s future expasion in new international geographies and has substantially increased its workforce which reached approx. 400 employees in 2020.
21 Invest Italy has identified Portobello Capital as the ideal partner to continue the international expansion of Poligof, sharing the same industrial discipline and strong growth path.
Alessandro Benetton, Founder and Managing Partner of 21 Invest, stated “I am very pleased with the results achieved by Poligof, a company that we supported in transforming into a more structured industrial group with significant development on international markets and showing extreme resilience in the pandemic. It is another example of ‘Made in Italy’ excellence that we love at 21 Invest, and trust it will continue its well launched growth path alongside Portobello“.
Luca Parolari, CEO of Poligof, stated “Thanks to 21 Invest, Poligof transformed its organizational structure and ramped up its production, evolving into an international player. Our partnership with Portobello Capital will allow us to continuing pursuing our growth path and access new development opportunities”.
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