South Africa: RMB Corvest and Alito Fund 2 acquires stake in Packaging World
Packaging World is a supplier of specialised flexible packaging solutions, primarily to the FMCG food sector.
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RMB Corvest and Alito Fund 2 have partnered to acquire a majority stake in Packaging World, a South African manufacturer of flexible plastic packaging.
Founded in 1995 by Dean Gianni, Packaging World is a supplier of specialised flexible packaging solutions – including reels, bags and pouches – primarily to the FMCG food sector.
Under the transaction, RMB Corvest and Alito will partner with Gianni, who will retain a meaningful stake and continue to be operationally involved in the business. Packaging World’s key management team will also invest alongside RMB Corvest, Alito and Gianni.
“This transaction brings in partners who share our longstanding vision and values,” said Gianni. “Corvest and Alito bring strategic insight and capital to help us scale the business while preserving the culture, customer focus and entrepreneurial spirit that has defined Packaging World since its inception.”
“Packaging World has delivered strong performance, and has benefited from consistent market share gains, long-standing customer relationships, and continued investment in their manufacturing capabilities, which together with the strong management team, made the business very attractive to us as investors,” commented Melanie Pillay, executive at RMB Corvest.
“The investment supports Packaging World’s next phase of growth, including increased penetration of larger corporate customers, and continued innovation in recyclable and sustainable packaging solutions,” noted Yvonne Maitin, co-founder of Alito.
Andrew Sprenger, an executive at RMB Corvest, added: “The company has deep operational and technical expertise and has established itself as a strong and trusted brand in the market. It offers end-to-end services from design and development through to large-scale production, with a strong focus on quality, innovation, sustainability and customer partnership. This partnership element is an aligning of cultures, as we see all our investments as long term partnerships.”
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