Italian private equity operator 21 Investimenti sold to Darvesh Group di its controlling stake in Italian polyethylene film producer Macplast.
Darvesh Group has its headquarter in Dubai and conducted the deal thorough its subsidiary Technovaa Holdings, The latter is key manufacturer of technical packaging films. Utilizing the blown and cast extrusion process, Technovaa produces a variety of technical films for respective applications making it one of the largest plastic film producers in the region.
Macplast closed 2013 with revenues of 82.5 million euros (from 80.8 millions in 2012), an ebitda of 1.077 millions (from 0.977 millions) and a negative net result of 3.3 millions (from -0.35 millions) due to one million euros of credits write-offs and 1.5 millions of loss in selling its subsidiary Macplast Agritec. The company ha 10.4 million euros of net financial debt at the end of 2013 (up from 8.5 millions in 2012).
21 Investimenti acquired the controlling stake in Macplast in 2005 and owned 87.5 pct of its capital.
