Partners Group, a leading global private markets firm, acting on behalf of its clients, has agreed to acquire Velvet CARE from Abris Capital Partners.
The purchase price was not disclosed.
Velvet CARE is one of the largest manufacturers of hygiene tissue products in Central Europe, with more than 850 employees in Poland and Czechia.
Partners Group said it plans to build value through initiatives including expansion in Central Europe and beyond.
"Velvet CARE has a diversified product portfolio and a strong market position in its core markets," said Ralph Schuck, Managing Director, Private Equity Goods & Products Industry Vertical, at Partners Group. "The company differentiates itself through its superior production capabilities, best-in-class technology and deep relationships with retailers across multiple countries. We see Velvet CARE as a platform for further growth in Europe and look forward to working with the management team on our transformational value creation plan."
In 2020, Velvet CARE acquired Moracell, Czechia's largest producer of toilet paper and paper towels, giving the group a strong position on the Czech market, an experienced team and new prospects in Czechia and Slovakia. Further investments in production in Poland and Czechia have strengthened Velvet CARE's position as the industry leader in Central Europe.
"Our close working relationship with Abris over the past five years has allowed us to significantly strengthen our market position," said Artur Pielak, CEO of Velvet CARE. "During this time Velvet CARE has grown stronger, going far beyond our initial ambitions.
"This is yet another era of new possibilities for us and we plan to accelerate our growth, actively participating in the further consolidation of the paper market and seeking opportunities to expand, including Central Europe and beyond," Pielak added.
Velvet CARE received B Corp certification, the globally recognized accreditation for businesses that demonstrate the highest standards of social and environmental performance, transparency, and accountability, this year. Companies that are part of the B Corp community make commitments to uphold those priorities in their business model and work for profit, people, and planet at the same time.
Earlier this year Velvet CARE also earned a Gold Medal from EcoVadis, the world's largest provider of business sustainability ratings.
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