Proventis Partners advises Korozo Group in the acquisition Vitra NV and Creavit NV

Zurich, 28 November 2019 – Proventis Partners advised Korozo Group (“Korozo”) in the acquisition of a majority stake in the Belgian flexible packaging companies Vitra NV (“Vitra”) and Creavit NV (“Creavit”).

About the transaction

Korozo Group has acquired the majority of the shares outstanding in Vitra NV and Creavit NV, the Managing Director of Vitra/Creavit Jan Laeremans will keep a minority stake in the company. The transaction has been closed on 20 November 2019.

The acquisition will support Korozo develop itself to one of the top 10 flexible packaging manufacturers in Europe.

Korozo Group Chief Executive Officer Filip Lens described the acquisition as “a significant milestone to become a global leader in the packaging industry.”

“We believe that the combined expertise, experience and diversity of our colleagues from different cultures and nations will make Korozo stronger and more agile. With footprint in Belgium, Korozo will be closer to its clients in Europe and enable to accelerate supply, offer faster after sales services, and if needed, develop contingency plans to deal with emergencies. I am confident that the acquisition will be beneficial both for Korozo and for our business partners, who we consider to be part of the Korozo family.” said Lens.

Role of Proventis Partners

Proventis Partners has a long-standing expertise in the packaging sector and has advised the shareholders and the management team of Korozo throughout the entire M&A buy-side process. Services provided included the screening for potential target companies, the contacting of and communication with the owners of Vitra and Creavit, Due Diligence support and negotiation support of the terms of the transaction.

About Korozo

Since it was founded in 1973, Korozo has become one of Turkey’s leading industrial companies, manufacturing and selling flexible packaging and film products to more than 90 countries worldwide.

About Vitra/Creavit

Vitra/Creavit was founded in 1935 in Antwerp, Belgium, by the Laeremans family and is specialized primarily in film conversion for packaging applications in thin film packaging, labels on rolls and small sized bags. Vitra has been producing high quality packaging materials for a number of end use markets including bakery, confectionery, snacks, protein and beverages in its modern manufacturing facility in Antwerp equipped with both flexographic and rotogravure technologies. Creavit (Rask) is the high qualified in-house design and pre-press department of Vitra.

About Proventis Partners

Proventis Partners is a partner-managed M&A advisory firm whose clients include mainly corporate groups, medium-sized family businesses and private equity funds. With 30 professionals, Proventis Partners is ac- tive in the sectors Industrials (notably packaging}, Business Services, Consumer & Retail, TMT, Healthcare and Energy and covers the German-speaking region with offices in Hamburg, Cologne, Munich and Zurich. Through its exclusive membership in Mergers Alliance – the international partnership of leading M&A specialists – Proventis Partners offers local market coverage in the 30 most important economies globally. The 20 members of Mergers Alliance, with more than 200 M&A professionals, offer Proventis Partners and our clients unique access to local markets in Europe, North America, Latin America, Asia and Africa.