TOPPAN Speciality Films, a division of TOPPAN Holdings in India, has finalised an agreement to acquire 80% of the issued shares of Irplast, an Italian company that specialises in the production of biaxially oriented polypropylene (BOPP) films.
The shares will be acquired from Cheyne Strategic Value Credit (SVC), a British investment fund that holds a majority stake in Irplast. The financial details of the transaction have not been disclosed.
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Irplast produces BOPP films using simultaneous biaxial orientation technology, which enhances the films’ transparency, durability, and processability, according to the company.
These films are also noted for their lower environmental impact and greater recyclability.
They are commonly used in a range of applications such as packaging and labelling for food items, as well as personal and home-care products.
Through this acquisition, TOPPAN aims to integrate Irplast’s advanced manufacturing technologies into its own operations, enabling the development of innovative BOPP film solutions that cater to various market demands.
TOPPAN Group executive officer Hiroshi Suzuki said: “This acquisition represents a significant step forward in TOPPAN’s business growth and technological innovation in the film business.
“By incorporating the advanced technologies and expertise of Irplast, we are confident that we can further enhance our sustainable solutions.
“TOPPAN remains committed to contributing to society through the pursuit of sustainable value creation and customer satisfaction.”
During the divestment process, Cheyne SVC was advised by financial advisor Houlihan Lokey and international law company Chiomenti while Irplast’s management team was advised by the law business BonelliErede.
TOPPAN, meanwhile, was advised by EY India as the investment banker for the transaction, with due diligence assistance provided by KPMG and legal representation from Bird & Bird and SAM & Co.
Last December, TOPPAN agreed to acquire Sonoco Products Company’s Thermoformed and Flexible Packaging business for $1.8bn.
