Freshfields, Garrigues advise on Walki´s acquisition of Plasbel
Freshfields Bruckhaus Deringer has advised Walki Group, a company owned by One Equity Partners, on its acquisition of packaging producer Plasbel, that was advised by Garrigues
Walki Group, owned by One Equity Partners, has announced that it has signed a definitive agreement to acquire a majority stake in Plasbel Plásticos S.A.U., a leading Spanish producer of sustainable packaging solutions. Plasbel specialises in the production of recycled and compostable bags and flexible packaging products used in the food and retail sectors. In 2020, Plasbel generated annual sales of approximately €80 million and employed 290 people.
Plasbel expands Walki’s European presence with a state-of-the-art manufacturing facility of over 30000 m2, located in Murcia, Spain, offering a broad product portfolio of food packaging solutions, in addition to recycled and compostable post-consumer films with applications in the retail and hospitality sectors.
“This acquisition marks an important step for Walki as part of our strategy to promote the circularity and compostability of packaging materials. Plasbel is a great company with a dedicated workforce and superior products in an industry that will experience strong growth in the coming years. We look forward to supporting their ambitious journey,” said Leif Frilund, president and CEO of Walki Group. “Plasbel brings not only a strategic expansion to our sustainable alternatives product portfolio but also direct access and proximity to front-line end-user groups.”
“We are excited to become part of the Walki family and enter this new phase of growth, with the goal of consolidating our leadership in Spain and further expanding Plasbel’s geographic reach. In addition, the complementary R&D capabilities will help the combined entity to become a leading biofilm converter with attractive expansion opportunities across Europe,” said Antonio Beltran, CEO and reinvesting shareholder of Plasbel.
Plasbel will support the continued growth of Walki’s packaging films and pouches business and will become part of the global Consumer Packaging business area. The parties have agreed not to disclose the purchase price and terms of the transaction.
Freshfields´ Global Transactions Corporate team that participated in the transaction was led by partner Javier Monzón (pictured left), together with senior associate Álvaro Manzanos, senior associate Carla Gómez, associate Mario Pacini and associate Iciar Herrero.
On the other hand, a team from Garrigues assisted Plasbel on its sale to Walki Group with a team led by Commercial partner Octavio Llamas (pictured centre) along with senior associate Emilio Teruel, and Tax partner Francisc Sánchez Baeza (pictured right) along with senior associate Javier Lorente.
