Abu Dhabi-based Multiply Group plans to acquire a majority 60.8 per cent stake in ISEM, a leading packaging group operating in Europe.
Upon completion of the transaction, which is subject to regulatory approvals, Peninsula Capital and minority investors will own the remaining 39.2 per cent.
Multiply Group did not reveal any financial details of the deal, or the valuation of ISEM. However, in May 2022, Peninsula Capital had bought the Italian premium packaging firm in a deal worth around US$97 million. At the time, the valuation was pegged at between EUR80 million (US$93 million to US$104 million).
Multiply Group deepens investment in packaging
The news comes just days after ISEM announced a new office in Dubai, and unveiled ISEM-EGISA Middle East, the new commercial identity of ISEM Packaging Group and EGISA in the region. EGISA is a Spanish company with over 60 years of expertise in premium folding cartons and more than 25 years of commercial activity in the Middle East.
The deal also marks the start of a strategic partnership between Multiply and Peninsula, combining Multiply’s patient capital approach with Peninsula’s deep sector knowledge and Southern European dominance.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented: “This transaction is our second in Europe this year as we continue with our global growth ambitions.
“With 3x revenue and 4x EBITDA growth from 2021–2024, a long-standing blue-chip client base, a highly automated industrial footprint, and strong fundamentals, we believe ISEM Group is a great fit for our portfolio.
“With this acquisition, alongside Peninsula Capital and the management of ISEM, we see opportunities to maximise competitive advantages, elevate value creation, and create synergies within the industry and potentially with our beauty and apparel sectors.”
Among more than 40 international companies that form ISEM’s clientele are fashion brands such as LVMH, Kiko, Gucci and L’Oréal, and are major suppliers to perfume and cosmetics industry. They offer a range of products, including rigid and folding boxes, tissue paper, and dust bags.
Borja Prado, Founding Partner of Peninsula Capital, added: “We are proud of the journey accomplished together with ISEM Packaging Group, which has become a European leader in packaging, and a partner of choice for global beauty and fashion leading brands.
“Since our entry, revenues have tripled through strong organic growth and targeted M&A, underscoring the strength and the distinctiveness of ISEM’s platform. Confident in its future, we are pleased to reinvest in the Group through our latest flagship fund and joining forces with Multiply Group, a strategic global investor with a strong track record in scaling businesses.
Francesco Pintucci, CEO of ISEM Group, said: “This important step represents full continuity with our long-term vision and growth strategy – to build the world’s leading industrial group capable of supporting our customers at 360°, combining the highest standards of quality, innovation, and service with a strong ESG commitment.
“Multiply Group’s investment will further strengthen ISEM’s industrial platform and accelerate our global expansion, enabling us to serve our clients even better — with greater scale, agility, and technological excellence — while preserving the entrepreneurial DNA and human values that define our success.”
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