Clearwater International advises Portobello Capital on the acquisition of Poligof

Clearwater International has advised Spanish private equity firm, Portobello Capital (Portobello), on the acquisition of a 100% stake in Poligof, a leading manufacturer of backsheets for hygiene and sanitary products in Europe, from 21 Invest.

Founded in 1979, Poligof is headquartered in Lodi,Italy, and has a strong international presence with over 90% of sales from outside Italy. Poligof Group is one of the leading manufacturers of backsheet films in Europe, a semi-finished product primarily used for adult incontinence products and baby diapers.

Poligof operates four facilities across Italy, India and Russia and has nearly 450 employees. Its value proposition is based on an extensive and customised product portfolio coupled with a strong customer service, which allowed Poligof to develop solid relationships with a loyal customer base composed of blue-chip clients.

Poligof will generate over €120m in revenue in 2020 and will continue to be managed by the existing team, led by CEO Luca Parolari.

The acquisition of Poligof represents the first international direct investment for Portobello and reflects Portobello’s ambition to extend the geographical scope of its investment strategy, leveraging the expertise and know-how developed over more than 25 years and more than 60 direct investments in Spain.

Clearwater International also provided its debt advisory support to Portobello Capital and Poligof, advising the fund on the structuring of financing for the acquisition. The transaction was financed by a pool of banks composed of BNL BNP Paribas, Crédit Agricole and Intesa Sanpaolo.