Spanish private equity firm Portobello Capitalhas acquired a 100% stake in Farmol, a leading contract manufacturer of aerosol and liquid branded products for Personal Care, Home Care, and Health Care in Europe.
Founded in 1946 and based in Comun Nuovo (Italy), Farmol is one of the leading European
players in aerosol formulation and filling. The company employs c.700 people and operates
across six manufacturing facilities located in Italy, Hungary, Slovakia, and Tunisia, with
approximately 500 million units of annual manufacturing capacity. Thanks to a solid track record
in the past few years, Farmol has managed to grow organically at double digit rates and
consolidate its position as a partner of choice for some of the largest multinational consumer
goods companies globally. Thanks to its customer-centric approach, Farmol is recognized by its
clients as a flexibleand reliable partner with a strong focus on quality, cost effectiveness, product
innovation and environmentally-friendly solutions.
In 2020, Farmol generated more than €110m revenues, launched several new product solutions
and further diversified its business, proving the resiliency of its activity to different market
conditions. In 2021, Farmolwon anADF ParisInnovation Award for a deodorant with natural
propellant conformingto Cosmos Organic BIO and Vegan standards, jointly developed with a key
customer. Additionally, Farmol continued to invest in its HealthCare division, with the aim to
become a key developer of aerosol solutions (sterilized sprays, pressurized products and medical
devices)in partnership with top tier pharmaceutical companies.
Portobello’s investment aims to further consolidate Farmol as a leadingplatform in the Aerosol
space, through further organic expansion, development of the HealthCare franchise and value
accretive acquisitions. Furthermore, Portobello will help Farmol consolidate its leadership in
environmentally-friendly solutions as part of its commitment to responsible investment and ESG
best practices. Portobello will continue investing in developing Farmol’s innovation capabilities,
with a particular focus on circular economy and de-carbonization of the supply chain.
“We are excited to announce the investment of Portobello Capitalin Farmol. Portobello’s growth
focus, value creation approach, network and financial resources will greatly enhance Farmol
capabilities to better serve our customersand consolidate our leadership in Europe” highlights
Francesco Maestri, Farmol’s CEO.
“Portobello believes Farmol has the potential to capitalize on the growth opportunities available
in the Consumer Contract Manufacturing industry. We are looking forward to partnering with an
experienced and committed management team to consolidate Farmol’s position as an industry
leader”, points out Luis Peñarrocha, Founding Partner at Portobello Capital.
“Farmolstrong focus on customer service has allowed the company to establish itself as a partner
of choice for many of its current customers, and we are keen to support the company in expanding
its business further, including in new product categories, segments and geographies” added
Antonio Todisco, Director at Portobello Capital.
Farmol represents Portobello’s second direct investment in Italy, a priority market for its
internationalization strategy and where it has developed a strong network, reputation and
execution capabilities allowing to continue to expand the business in the future.
“We are delighted to have found in Portobello Capital areputable investor capable ofdeveloping
further Farmol alongthe growth path we embarked upon five years ago. This transaction marks
the first and successful exit for Green Arrow Private Equity Fund3 underscoring Green Arrow
Capital’sability to manage portfolio companies with a growth driven approach and execute
divestments in uncertain markets”said Daniele Camponeschiand Massimo Massari, founder and
Chief Investment Officer and Managing Director of Private Equity respectively of Green Arrow
Capital.
Portobello has been advised by Ethica Group.Green Arrow Capitalhas been advised by
Mediobanca and Intesa Sanpaolo(IMI Corporate & Investment Banking Division).
About Portobello Capital
Founded in 2010, Portobello Capital is a leading independent mid-market private equity manager
based in Spain.Portobello Capital operates across Spain, Portugal and Italy, and has assets
under management worth c.€1.5bnacross 5different active funds. The firm hasan experienced
team of35professionalsand a portfolio of 18companies across various sectors.
About Green Arrow Capital
Green Arrow Capital is an independent investment platform focused on alternative investments
across the Private Equity, Clean Energy & Infrastructure and Private Credit asset classes with
€1.8bn funds raised since inception and about 200 clients/investors. Approaching the full
deployment of Fund 3, Green Arrow Capital is about to launch its 4thprivate equity initiative with
a focus on the mid-cap Italian market.
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