Ilpra acquires Veripack and strengthens its position in the Indian market
Ilpra (ILP:MI), a Pavia, Italy-based producer of packaging machinery for food, cosmetics and medical products, has acquired an 80% stake in Varese-based firm Veripack, a manufacturer of thermoforming machines for food and medical packaging. The deal involves the payment of a €24,000 lump sum in cash to the seller Ivaxia. The operation is part of Ilpra’s growth plan aimed at expanding its range of technological solutions and boosting exports to new geographical markets, particularly India where the Veripack brand is well established.
Founded in October 2018, Veripack Srl leases the thermoforming machine production arm from FNC and is set to acquire the business by the end of May 2019. Veripack has been selling its machines worldwide for more than 30 years as part of the FNC group and has installed more than 1,200 lines. In the quarter October-December 2018, the newly-formed company Veripack Srl reported a production value of around €300,000 and an EBITDA of approximately €25,000.
Ilpra is a leading player in the packaging sector with a wide range of cutting-edge technological solutions developed through continuous R&D investments (€1.5 million in the last 3 years). With more than 16,000 machines sold, 190 employees, an enormous network of sellers and a presence in 4 countries (Italy, UK, Hong Kong and the UAE), the group generates around 75% of its turnover abroad and has a direct presence in markets worldwide.