Brazil-based plastic manufacturer and recycler Valgroup announced it acquired Garda Plast Group, an Italian producer of PET and rPET preforms, for an undisclosed amount.
Garda Plast is based in Polpenazze del Garda, northern Italy, and was established in 1996. It acquired another Italian manufacturer of PET preforms in March 2017, Ifap, before its control moved to Progression, a Milan-based private equity firm that acquired a 70% stake in the company in July 2017.
Valgroup’s acquisition of Garda Plast consolidates its presence in Italy, where it already has a PET preform manufacturing unit in Villa Lempa, northeast of Rome, acquired at the end of 2022. Through the acquisition, Valgroup adds two additional Italian PET perform factories to its portfolio, the Polpenazze del Garda unit and a unit at Palmanova, northeast Italy, where Ifap has its operations.
The Brazilian manufacturer said the acquisition will strength its relations with suppliers and enable it to support regional customers more comprehensively.
“With the acquisition of the Garda Plast Group, we further consolidate our position in the Italian market, creating a hub of innovation and excellence in the PET and rPET preform sector for the beverage, detergent and dairy industries,” said Luigi Geronimi, founder of Valgroup.
Since Progression took control of Garda Plast Group, the company entered new markets, developed new business lines, and invested in technology, digitalisation, and sustainability, according to a company statement. Garda Plast produces preforms for carbonate and still water as well as detergents.
The two new plants acquired by Valgroup in Italy are in addition to five other PET preform manufacturing units: one in San Jose, Uruguay, another three in Brazil, in the cities of Duque de Caxias, Ipojuca, and Betim.