ACON Investments, L.L.C. announced today that it has completed the acquisition of a leading supplier of the direct selling industry in the Andean Region.
Pieriplast S.A.C., a Peruvian supplier of luxury high-end, customized packaging solutions for the direct sales cosmetics industry, along with Intecplast S.A.S., a leading Colombian rigid plastic packaging manufacturer focused on personal care, cosmetics and pharmaceuticals will be consolidated under a new holding company, Amfora Packaging S.A.S to form one of the largest pan-Andean plastic packaging companies with over 800 employees and production facilities in Lima, Peru and Bogota, Colombia.
ACON's investment in Amfora supports the existing management of Intecplast and Pieriplast. Mr. Jose Alejandro Arango, the CEO of Intecplast, will become Amfora's CEO and Mr. Renato Pierinelli, founder and former CEO of Pieriplast, will retain an important equity stake in Amfora and will become both the Chief Technical Officer and Chairman of the Board of the Company.
The integration of Intecplast and Pieriplast into Amfora forms the leading manufacturer of plastic packaging for cosmetics and personal care products in the Andean region. The Company will be well-positioned to enter new export markets and at the same time capitalize on a fragmented industry in the Region with few competitors able to develop and produce quality products acceptable to multinational customers, commented Jose Miguel Knoell, Managing Partner of ACON.
The investment is representative of ACON's continued investment strategy throughout Latin America where it has been actively investing for nearly two decades in medium-sized businesses across a range of industries related to Amfora including retailing and light manufacturing. The transaction also builds on ACON's experience owning and operating businesses active and growing in multiple markets.
Mr. Arango commented, We are proud to unite our companies. These transactions and the merger of Intecplast and Pieriplast will benefit our customers since we will be the only 'one-stop shop' alternative for customers with industry leading service and quality products including a dedicated senior team focused on innovation.
Mr. Pierinelli added, Based on our clients' needs and requests we had contemplated expanding into Colombia for the past several years and this merger finally achieves this in the most effective way possible. One of our main objectives is to bring more innovation across our product platforms.
The transaction represents the third investment made from ACON's fourth pool of capital for Latin America, ACON Latin American Opportunities Fund IV, L.P.
Terms of the transaction were not disclosed.