Luxury Cosmetic Solutions Holdings S.à rl (“Investindustrial”), an independent investment subsidiary of Investindustrial Growth III SCSp (“Growth III”), has reached an agreement to acquire 51% of Virospack SL., world leader in the manufacture of droppers for premium cosmetics.
Based in Badalona (Barcelona), Virospack is the main worldwide manufacturer of droppers for the high cosmetics industry with products for skin care, hair, nails and other liquid makeup. It exports more than 90% of its total sales of approximately €60 million, with products distributed to more than 20 countries on four continents. Virospack, known as “The dropper company”, supplies the main global brands in the cosmetics industry and is considered a market leader in quality, with a capacity for innovation both at a technical level and at a unique sustainability level and with design and manufacturing. own, which guarantees full control of the value chain and a strong customer orientation.
In the last 10 years, Virospack has invested around 60 million euros to increase its production capacity in a 21.000 m2 complex in Badalona. Currently, Virospack is carrying out another important expansion to increase its production capacity by more than 50% in the next three years. In addition, Virospack meets high sustainability standards with ambitious commitments to improving the environment.
Virospack is headed by Vicens Rodriguez, CEO and son of the company's original founder. Founded in 1956 and with almost 70 years of experience in the design and manufacturing of pharmaceutical and cosmetic products, Virospack today manufactures more than 120 million droppers and spatulas and more than 20 million bottles per year, employing almost 400 people.
Andrea C. Bonomi, president of the Industrial Advisory Council of Investindustrial, commented: “Virospack is an undisputed benchmark in this market, recognized for the quality of its products and the strength of its relationships with its prestigious clients, world leaders in cosmetics. We have been impressed by the team and their operations, and are excited about Virospack's growth potential in the coming years. “We look forward to working with the Rodríguez family and the management team to continue the growth of Virospack.”
“Investindustrial's investment in Virospack is part of a strategy to invest a significant part of the Firm's latest growth fund, endowed with 1.100 billion euros - raised at the beginning of this year - in Iberian companies to support their growth and, in in particular, accelerate its globalization. With this acquisition, Investindustrial continues to invest in Spain, an important country for our portfolio and future investment strategy,” adds Bonomi.
Vicens Rodriguez, executive president of Virospack, adds: “I am very proud of the three generations of the Rodríguez family who founded and have led the growth of Virospack to the company it is now and of the entire team that has adapted to new times and challenges. market changes. I am delighted to be partnering with Investindustrial, who are investing in our business to create new opportunities for expansion and provide the right level of support to help us achieve further growth. Investindustrial has an excellent reputation for its management and its ability to help companies grow and internationalize, and I look forward to working with them.”
This operation is part of the solid trajectory of the Investindustrial Group in the specialized packaging sector, after its investment in Guala Closures, manufacturer of high-end aluminum and disposable closures for the beverage industry and world leader with more than 900 million euros in sales. Virospack is the second investment of the Growth III fund, focused on majority purchases of companies in the lower mid-market segment, which announced a final closing of 1.100 billion euros, above its objective, in May 2023. This transaction is subject to the usual approvals.
Investindustrial has had advice from Bain (commercial), ERM (ESG), Freshfields (tax), Kearney (operations), PwC (financial, tax and IT), Uría Menéndez (legal and labor) and WTW (insurance), while that the sellers have been advised by Banco Sabadell (M&A) and Cuatrecasas (legal)
