Clearwater International advises Orienta Partners on its first exit, the sale of its portfolio company Sidac to Schur Flexibles Group
Clearwater International has advised Orienta Partners on the sale of its portfolio company Sidac, an Italian company specialising in the production of flexible packaging solutions for the food industry, to Schur Flexibles Group, a European leader in the flexible packaging industry.
Founded in Forlì, Italy, in 1929 Sidac, with a revenue of €34m, an EBITDA of €5.1m and 120 employees, is recognised both at national and international level as a leader in the provision of flexible packaging solutions mainly applicable to the food industry, including bakery, coffee, pasta and snacks, but also to the home care, cosmetics and pet food segments.
Headquartered in Wiener Neudorf, Austria, with 22 production facilities across Europe, Schur Flexibles Group is one of the leading European providers of flexible packaging solutions. Although founded only nine years ago, Schur Flexibles has a turnover of more than €520m and a workforce of more than 1,900 employees.
Orienta Partners acquired Sidac in August 2017, through the Romagnapack Club Deal, and in just three and a half years achieved excellent results. Revenues increased by over 30%, the efficiency and profitability improved and the EBITDA doubled thanks to the implementation of a new strategic and capex plan defined by Orienta along with the management team.
The takeover of Sidac enables Schur Flexibles Group to expand its network in the Italian market by adding a strong centre of excellence for customised and high-quality packaging solutions. Thanks to its high level of competence and future-oriented commitment to sustainability, the modern production plant in Forlì near Bologna, ideally complements the growth strategy of Schur Flexibles Group in Europe.