Cosmetic dropper manufacturer Virospack has announced in a press release that Luxury Cosmetic Solutions Holdings, known as "investindustrial", has acquired 51% of Virospack.
The company, which is dedicated to the manufacture of droppers for high-end cosmetics, explained in the press release that this has become one of the most important operations for Investindustrial in the specialised packaging sector. Virospack has become the second investment by the Growth III fund. This investment fund is focused on majority acquisitions of companies in the lower mid-market segment.
To close this transaction, Investindustrial, which now owns 51% of Virospack, has been advised by other financial institutions and management companies in this type of operation.
Andrea C. Bonomi, Chairman of Investindustrial's Industrial Advisory Board, gave a positive assessment, explaining that Virospack is a prestigious and recognised company in the cosmetic packaging sector: "Virospack is an undisputed benchmark in this market, recognised for the quality of its products and the strength of its relationships with its prestigious clients who are world leaders in cosmetics. We have been impressed with the team and its operations, and are excited about Virospack's growth potential in the coming years. We look forward to working with the Rodriguez family and management team to continue Virospack's growth." He has also indicated that this transaction is part of a strategy to invest a significant portion of the Firm's latest growth fund, valued at 1.1 billion and, in this way, continues its investment commitment in Spain.
For Virospack, Vicens Rodriguez, CEO of the company, said he expects this partnership to help the dropper manufacturing company meet its next challenges: "I am very proud of the three generations of the Rodriguez family who founded and have led Virospack's growth into the company it is today and of the entire team that has adapted to changing times and market changes. I am delighted to partner with Investindustrial, which is investing in our business to create new opportunities for expansion and provide the right level of support to help us achieve further growth. Investindustrial has an excellent reputation for its management and its ability to help companies grow and internationalise, and I look forward to working with them".
In the last 10 years, Virospack, founded in 1956, has invested around 60 million euros to increase its production capacity in a 21,000 m2 complex in Badalona. Virospack is currently carrying out another major expansion to increase its production capacity by more than 50% in the next three years. Today, Virospack manufactures more than 120 million droppers and spatulas and more than 20 million bottles a year and employs almost 400 people.
Investindustrial is a leading European group of independently managed investment, holding and advisory companies, with 13 billion euros of fund capital raised.