Washington-based private equity firm ACON Investments has completed the purchase of two South American packaging operations and plans to consolidate its acquisitions under a new holding company to form one of the largest pan-Andean plastics packaging companies.
Colombian rigid plastics packaging manufacturer Intecplast and Peruvian luxury packaging solutions provider Pieriplast will be joined to form Amfora Packaging, with over 800 employees and production facilities in Lima, Perú and Bogotà, Colombia. Terms of the deal were not disclosed.
Jose Alejandro Arango, the CEO of Intecplast, has been named CEO of Amfora, while Renato Pierinelli, founder and CEO of Pieriplast will retain an equity stake as well as taking on the role of Chief Technical Officer and Chairman of the Board of the new company.
“The integration of Intecplast and Pieriplast into Amfora forms the leading manufacturer of plastic packaging for cosmetics and personal care products in the Andean region. The Company will be well-positioned to enter new export markets and at the same time capitalize on a fragmented industry in the Region with few competitors able to develop and produce quality products acceptable to multinational customers,” commented José Miguel Knoell, Managing Partner of ACON
Arango commented, “We are proud to unite our companies. These transactions and the merger of Intecplast and Pieriplast will benefit our customers since we will be the only ‘one-stop shop’ alternative for customers with industry leading service and quality products including a dedicated senior team focused on innovation.”
Pierinelli added, “Based on our clients’ needs and requests we had contemplated expanding into Colombia for the past several years and this merger finally achieves this in the most effective way possible. One of our main objectives is to bring more innovation across our product platforms.”