TOPPAN Acquires Irplast to Expand BOPP Film Portfolio
Aims to expand portfolio of high-performance BOPP film products to drive and further strengthen sustainable solutions in global market
India-based TOPPAN Speciality Films Pvt. Ltd. (TSF) – a subsidiary of Tokyo-headquartered global printing company TOPPAN Holdings Inc. – has entered into a definitive agreement to acquire 80% of the issued shares of Italian high-performance BOPP film manufacturer Irplast S.p.A., from the current majority shareholder, British-based investment fund Cheyne Strategic Value Credit (SVC), a division of alternative asset manager Cheyne Capital.
Irplast is a leading manufacturer of high-performance BOPP films, using simultaneous biaxial orientation technology to offer superior transparency, durability, and processability, contributing to reduced environmental impact and improved recyclability and delivering products widely used in various fields, including packaging and labels for food, personal and home care.
Leveraging its extensive experience and technological expertise in the printing and packaging sectors, TOPPAN will integrate Irplast’s advanced manufacturing technologies for high-performance BOPP films to develop and deliver innovative solutions that meet various customer needs. Furthermore, this acquisition aligns with TOPPAN’s strategic goals of realising a sustainable society.
“This acquisition represents a significant step forward in TOPPAN’s business growth and technological innovation in the film business. By incorporating the advanced technologies and expertise of Irplast, we are confident that we can further enhance our sustainable solutions,” says TOPPAN Deputy Head of Global Packaging Subdivision Hiroshi Suzuki. “TOPPAN remains committed to contributing to society through the pursuit of sustainable value creation and customer satisfaction.”
The professional team supporting Cheyne’s SVC in the divestiture process includes leading global investment bank Houlikan Lokey as the advisor, and international law firm Chiomenti. Irplast’s management was assisted by law firm BonelliErede. In the acquisition process, TOPPAN was advised by EY India as the buy-side investment banker while for due diligence they were assisted by KPMG and leading law firms Bird & Bird and Shardul Amarchand Mangaldas & Co.
