Since it was founded in 1973, Korozo has become one of Turkey’s leading industrial companies, manufacturing and selling flexible packaging and film products to more than 90 countries worldwide.
Korozo Group has aquired the majority of the shares outstanding in Vitra NV and Creavit NV, the Managing Director of Vitra/Creavit Jan Laeremans will keep a minority stake in the company. The transaction has been closed on 20 November 2019.
The acquisition will support Korozo develop itself to one of the top 10 flexible packaging manufacturers in Europe.
Korozo Group Chief Executive Officer Filip Lens described the acquisition as “a significant milestone to become a global leader in the packaging industry.”
“We believe that the combined expertise, experience and diversity of our colleagues from different cultures and nations will make Korozo stronger and more agile. With footprint in Belgium, Korozo will be closer to its clients in Europe and enable to accelerate supply, offer faster after sales services, and if needed, develop contingency plans to deal with emergencies. I am confident that the acquisition will be beneficial both for Korozo and for our business partners, who we consider to be part of the Korozo family.” said Lens.
Proventis Partners has a long-standing expertise in the packaging sector and has advised the shareholders and the management team of Korozo throughout the entire M&A buy-side process. Services provided included the screening for potential target companies, the contacting of and communication with the owners of Vitra and Creavit, Due Diligence support and negotiation support of the terms of the transaction.