LitCapital sells shares in Lithuanian PET Production company Putoksins
Growth capital fund LitCapital has completed the sale of the investment in UAB Putoksnis, PET production company based in Siauliai, Lithuania. All shares were acquired by UAB 3 Rill. Parties have agreed not to disclose financial terms of the transaction.
LitCapital invested in Putoksnis in June 2011 and became a minority shareholder. Backing by the fund allowed the company to sign a number long term contracts with largest international beverage manufacturers and significantly strengthen its market position in Nordic Countries and Germany. From 2011 till 2016 the company invested more than EUR 4M in total into its operations. According to the preliminary data Putoksnis is expected to reach sales of EUR 35M and EBITDA of EUR 2.8 M in 2015. Company’s EBITDA has increased threefold since 2011.
“We are very happy with the transaction. LitCapital invested in the company at the time when Putoksnis was in the need of the financial investor with the capacity to support the growth and development of business and contribute to the investment financing. Today the company is very strong financially and ready to pursue a number of exciting growth opportunities” – commented Sarunas Siugzda, LitCapital Founder and Managing Partner.
Putoksnis was established in 1994. The company is one of the largest PET packaging manufacturers in the Baltic Countries and Scandinavia region. Currently the company has 110 employees. The company produces 30 thousand tons of PET packaging a year. 90% of the production is exported to beverage production companies in such markets as Germany, Poland, Scandinavian and others countries. PET packaging is completely recyclable and in terms of recycling volumes PET products exceed other packaging kinds.
Source: LitCapital Press Release