AMC Capital IV SCSp, advised by Accession Capital Partners (ACP), has sold its share in Plasta Group, the largest polyethylene film recycler in Northern Europe, in a trade sale to CEDO, a major European plastic recycler and supplier of private label household consumable products and backed by Belgian investment group Straco. The transaction generated a strong return on investment for investors in AMC funds.
The successful exit caps off a busy year for ACP, which has seen the structured growth capital provider announce four deals and the successful close of AMC V ahead of target on €336 million this summer.
As the European leader in converting hard-to-recycle household waste, Lithuania-based Plasta helps minimize worldwide plastic waste and boost circularity. The company uses waste plastics as a raw material to produce new products, with its three facilities in Lithuania and Sweden boasting a combined recycling capacity of c. 45k tons per annum. The group generates c. EUR 60m in sales with >500 employees, up from c. EUR 45m at the time of ACP’s investment. Plasta’s impressive credentials saw it certified by EcoVadis earlier this year, ranking within the top 15% of most sustainable companies in the organization’s network
ACP acquired a significant minority stake in Plasta in Q1 2021 by providing a flexible funding package comprised of preferred equity as well as a loan commitment to finance the ambitious CAPEX program. The 3.5-year partnership supported Plasta to grow organically by completing the investment program aimed at processing hard-to-recycle post-consumer waste and increasing production capacity. The group also completed the acquisition of LLC Gerovė this year, boosting revenues from c. EUR 45m at the time of the initial investment to c. EUR 60m at the time of the sale.
Piotr Sadowski, Partner and Head of Baltics at Accession Capital Partners, said: “Plasta’s leadership team has proven its ability to combine profits with thinking of the planet as it builds a highly successful business with sustainability at its core. We are proud to have been part of its impressive journey alongside Edward Gelbard, whose tremendous experience in recycling has been pivotal to Plasta’s success for the last three decades. We wish the ongoing team continued success for its next chapter.”
Maciej Plamieniak, CEO of Plasta Group, commented: “The support from ACP was tailored to be a flexible funding package suited to our plans, with their experience in building regional leaders opening doors through their network. We look forward to continuing to build our business as part of the CEDO organisation, which will unlock new growth opportunities and synergies from our shared focus on plastic recycling.”
Thierry Navarre, CEO of Cedo, commented: “Plasta Group’s expertise and shared commitment to sustainability align perfectly with our vision. This partnership strengthens our ability to lead the circular economy in our sector, delivering innovative solutions to our customers and driving a more sustainable future.”
Advisers to the deal included MP Corporate Finance (sellers), Cobalt (legal vendor due diligence), Ellex (legal for sellers), Sorainen (legal for the buyers) and EY (financial and tax vendor due diligence).
Accession Capital Partners
Accession Capital Partners (ACP) is investing from its fifth fund AMC V SCA SICAV-RAIF which launched last year and closed at €336m in June 2024. ACP has been operating in Central and Eastern Europe since 2000 through its offices in Vienna, Warsaw, Bucharest, Budapest and Prague. To date, the group has raised commitments of more than €1.2bn in five dedicated growth capital funds. The funds are backed by reputable institutional investors, including the European Investment Fund, the International Finance Corporation, the European Bank for Reconstruction and Development and a number of banks, family offices, funds of funds, pension funds and insurance companies from Europe, the US and Asia.
For further information, please contact:
Christian Stix, Head of Investor Relations
tel.: +43 1 532 89 9019
www.acp-group.eu