Avior Capital has completed an investment in Eslava Plásticos, a Spanish company and leading specialist in the transformation and mechanical recycling of post-consumer plastic waste. Equipped with cutting-edge technology, Eslava processes household plastic waste by selecting and sorting different polymers through to their final extrusion.
The plastics recycling market in Europe and Spain offers significant attractiveness due to a combination of regulatory pressure, corporate commitments and consumer preferences toward sustainability. In the EU, the recycling rate for plastic waste stands between 30–40%, while in Spain recycling represents only 23% of waste treatment, compared with a target of 34% by 2035. By contrast, landfilling in Spain accounts for 44% of total waste, far above the European limit of 20% expected for 2032, reinforcing the need for recycling solutions. In addition, the penetration of recycled plastics in European production reached 14% in 2022 and is projected to increase to 18% by 2030, implying annual growth close to 4%, while the highest-volume polymers in which Eslava specialises are expected to grow even faster (6–11% CAGR to 2030). Technological improvements, the increasing availability of local feedstock, and the expansion of installed capacity position this sector as a key pillar in the transition towards a circular economy.
Over the last decades, Eslava Plásticos has consolidated its position as a benchmark company in the recycling of post-consumer plastic materials. It offers a wide portfolio of products (HDPE, PP, LDPE and PS) and works with top-tier industrial clients to develop high value-added solutions tailored to sectors such as packaging, construction, agriculture and automotive. The company stands out for its technological capabilities, deep material expertise and strong commitment to sustainability and the circular economy.
Avior’s investment will enable the company to accelerate its organic growth and pursue new strategic opportunities. Key priorities include:
• Expanding production capacity through new lines and upgrades to existing facilities.
• Increasing investment in technology and digitalisation to optimise processes and enhance traceability.
• Developing new sustainable products and formulations aligned with rising demand for recycled and recyclable materials.
• Strengthening the management team and organisational structure to support sustained expansion.
• Exploring inorganic growth opportunities in a sector that is moving toward greater consolidation.
Avior will bring strategic support and financial resources to accompany the company and its team in this new phase, maintaining a focus on long-term value creation, materials innovation and leadership in circular solutions. The company will continue to be led by Fernando Alonso, CEO, and the founding family, with David Eslava serving as executive director. He is also President of Anarpla and a member of the Executive Committee of Plastics Recycling Europe, playing an important sector-advocacy role. Both retain a significant equity stake in the company.
Avior was backed by a group of European and Canadian institutional investors, including the Plastic Circularity fund of Lombard Odier Investment Managers, as well as Spanish and European family offices.
This transaction represents Avior’s third investment and is another example of its strategy: a proprietary-sourced deal built on a trusted relationship with the founders and management team, underpinned by strong organic growth fundamentals, attractive value-creation opportunities and clear potential for consolidation.
Avior Capital was advised by Implica Corporate Finance as financial advisor, while the due-diligence workstream was conducted by Grant Thornton Transaction Services (financial, tax, legal and labour), ERM (ESG), Marsh (insurance), and Roland Berger (commercial and technical). Hogan Lovells acted as legal advisor to the transaction.
Eslava was advised by Alantra as financial advisor and Alentta Abogados as legal advisor.
About Avior Capital
Avior Capital is an SGEIC focused on private equity investments in Spain, founded by professionals with more than 20 years of PE experience in leading international firms (Bridgepoint, Rhone) and a historic track record delivering gross returns above +20% IRR.
The firm focuses on majority investments in profitable companies with a transformational growth and build-up thesis, following a sector-driven approach based on megatrends (including, in the case of Eslava, the circular economy), and a differentiated hands-on ownership model.
The team is composed of six professionals and, since its creation in 2019, Avior has completed three investments with €100m of invested capital, supported by Spanish, European and North American institutional investors, private banks and single-family offices.
cloud technology axon
Xcalibur Smart Mapping, recognised as the global leader in airborne...
