France-based Carbios, specialised in the development of enzymatic solutions to create more sustainable plastics, has acquired 100% of the shares in its joint venture company Carbiolice. The purchase price was €17.9 million. The transaction values Carbiolice at approximately €48 million.
The acquisition further bolsters Carbios’ expertise in the field of polymer biodegradation: Carbiolice has developed an enzymatic solution for PLA that builds on the bioprocess developed by Carbios, which makes the PLA 100% compostable - both under industrial an home composting conditions. The technology is based on an enzyme-based additive known as Evanesto, which is easily incorporated into conventional plastic and packaging manufacturing processes.
Carbios founded the joint venture in 2016 in partnership with Limagrain Ingrédients, a global seed company and the French SPI fund, an investment fund financed by the Programme d’Investissement d’Aveni and the European Investment Bank (EIB) and managed by Bpifrance Investissement, established to support technological projects through the industrialisation phase.
Having acquired Limagrain Ingredients’ entire stake in Carbiolice in October 2020, Carbios has now exercised its option, granted under the terms of the Shareholders’ Pact signed at the founding of the joint venture, to purchase the shares held by the SPI Fund between three and six years after Carbiolice’s creation.
“From an industrial green chemistry start-up, Carbiolice has become a full-fledged technological SME in its market, offering innovative solutions with high environmental value,” said Jean-Philippe Richard, SPI Fund’s Investment Director. “Carbiolice is a perfect illustration of the Bpifrance SPI Fund’s purpose: To develop industrial production sites in France with innovative partners and thus consolidate the French technological lead while anchoring in the regions highly skilled jobs.”