Clearwater International advises Carton Pack on the acquisition of Decapulp

Clearwater International, with a joint Spanish and Italian team, has advised Carton Pack, a market-leading provider of tailored packaging solutions in the fruit and vegetable industry and a portfolio company of 21 Invest, an Italian private equity firm specialised in middle-market investments, on the acquisition of Decapulp.

Decapulp is a Spanish manufacturer of packaging solutions that uses a technology based on the reuse of paper, cardboard and virgin pulp from environmentally controlled plantations. Located near Barcelona in an industrial complex that first went into operation in 1814, the company has over 30 years of experience within the industry, designing and manufacturing specific fibre packaging solutions, which are sold across Europe, with 85% of Decapulp production being exported.

Founded in 1970 by the Leone family and headquartered in Rutigliano, Italy, Carton Pack’s offering includes thermoformed products, rigid films and flexible packaging. It also has a growing portfolio of paper and carton packaging solutions, mainly for the fruit and vegetable market that represents 73% of revenues in 2020, serving food suppliers and processors, and packaging distributors that represent 80% and 20% of revenues, respectively, in the same period. 21 Invest acquired an 80% stake in Carton Pack in 2018 and in just three years has been able to achieve excellent results with revenues that increased from €83m in 2018 to approximately €100m for 2021, while profitability has grown by approximately 40%.

The acquisition of Decapulp enables Carton Pack to expand both its product range and its geographical footprint, but most importantly, to further strengthen its sustainability commitment, with Decapulp being devoted to serving its customers with fully compostable packaging solutions.