Search fund Targos Capital has announced the acquisition of Cartondis, Letro and Trelaco, a leading corrugated cardboard packaging group in Spain.
In less than a year of search, Diego Canales and Nicolás Romo, the founders of Spanish SF Targos Capital, have successfully acquired 100% of Letro, Cartondis, and Trelaco ("Group"), a corrugated cardboard packaging group. The deal involved 20 investors, including JB46, Vonzeo Capital, Grupo Santa Marta, Pina Capital, Iberica Investment Partners, Legatum, Secways, Legacy Partners, Colca Capital, Soare Holdings, ALX Hormes Capital, Ventus Capital, among others. The acquisition, whose price was not disclosed but is estimated to be at the lower end of typical sector multiples, was financed by Banco Santander.
The Group is a well-established Spanish company specializing in the design, manufacture, and commercialization of corrugated cardboard solutions. With more than 40 years of experience in the industry, the company offers a wide range of products, including packaging, boxes, containers, and point-of-sale displays, all tailored to meet the specific needs of its clients, primarily in sectors such as cosmetics, perfumery, automotive, pharmaceuticals, and e-commerce, among others. The Group operates several production plants in Madrid and Burgos, equipped with advanced technology that ensures efficient processes, consistent quality, and reliable delivery times. The company is recognized for its strong commitment to innovation, sustainability, and customer satisfaction, supported by certified management systems and a continuous improvement approach across all its operations. With more than 100 employees, the company's turnover is approximately €30M at a +15% EBITDA margin.
Diego and Nicolás commented: "We are very pleased to have acquired Letro, Cartondis, and Trelaco, a Group that perfectly aligns with our investment strategy. The Spanish corrugated packaging market is supported by strong secular sustainability trends, particularly the ongoing substitution of plastic, which provides a solid long-term growth outlook. The Group stands out as a specialist offering fully integrated, end-to-end solutions, serving a highly attractive and diversified blue-chip client base across fast-growing end-markets, with strong visibility driven by recurring revenues. The company also benefits from a clear competitive advantage, supported by consistently high service levels and exceptional operational agility. In addition, the fragmented nature of the SME-dominated market presents a compelling opportunity to further consolidate and drive value creation going forward."
Corrugated cardboard packaging has become an essential component of today’s economy and everyday life, present across virtually every supply chain, warehouse, and last-mile delivery. It is a highly critical operational sector, characterized by high switching costs and long-standing customer relationships.
Cartondis, Letro and Trelaco represent a well-established, profitable business with significant growth potential. The group deliberately focuses on higher value-added segments such as pharmaceuticals, cosmetics, automotive and point-of-sale (POS) displays, which translates into strong pricing power and high customer loyalty. The company has a clear path to growth through operational discipline, as well as consolidation opportunities in a market largely composed of family-owned SMEs.
The transaction arose from a succession situation, creating an attractive entry point for the searchers and new co-CEOs Diego Canales Delgado and Nicolas Romo Portal. They stood out for their analytical rigor, hands-on approach and strong strategic roadmap. Pina Capital is backing them as strong dealmakers and operators, and most importantly, as outstanding individuals.
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