Romania's Paval Holding acquires 24% of sustainable packaging producer Promateris
Romania's Paval Holding, owned by Dragos Paval (60%) and Adrian Paval (40%) - best known as founders of Dedeman DIY chain, took over 24% in Promateris (formerly Prodplast), a leader of the compostable bags and sacks market in the region with plans to integrate vertically and expand in the paper packaging market.
"We are glad that through this transaction, Paval Holding is expanding its portfolio of companies and, at the same time, diversifying the fields in which it invests. The low carbon footprint packaging industry is an attractive and effervescent one, and the partnership with Promateris, the regional leader in this market segment, opens a new, strategic investment direction for our group", said Karina Paval, vice president of Paval Holding.
Prodplast (BVB: PPL) is controlled and managed by the family of Florin Pogonaru, who owns himself 40.5% of the company.
The company's CEO Tudor Georgescu sold half of its 11.67% stake in the company, namely 1,694,188 shares (5.8%), for RON 7.74 per share - just over half of the market price - according to a note sent to investors. Except for a small stake sold by another member of Promateris management, the other deals were not reported.
(Photo source: Promateris Group)