Proventis Partners advised Korozo Group

Korozo Group has acquired a majority stake in the Belgian companies Vitra NV (“”Vitra””) and Creavit NV (“”Creavit””) advised, two manufacturers of flexible plastic packaging. The CEO of Vitra/Creavit, Jan Laeremans, retains a minority stake in the company . The transaction was completed on November 20, 2019. The acquisition will help Korozo develop into one of the top 10 packaging manufacturers in Europe.

Vitra/Creavit specializes primarily in film converting for packaging applications in thin film packaging, labels on rolls and small bags using both flexographic and gravure technologies. The company produces packaging materials for a range of end-use markets including bakery, confectionery, snack, protein and beverage. Creavit (Rask) is Vitra’s highly skilled in-house design and pre-press department.

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

Proventis Partners advised Korozo’s shareholders and management team throughout the M&A buy-side process. Services provided included screening for potential target companies, contacting and communicating with the owners of Vitra and Creavit, assisting with due diligence, and assisting in negotiating the terms of the transaction.