The entry of Azzurra Capital into Lucart's holding company Pasfin is said to "support achieving the ambitious growth and profitability targets" of Lucart Group's strategic plan for the coming years.
Pasfin Spa, the family-owned holding company of Italy's tissue paper and products company Lucart Group, and the international private equity firm Azzurra Capital Management have entered into a binding agreement under which Azzurra Capital will acquire a strategic stake in Pasfin. The entry of Azzurra Capital into the share capital Pasfin is said to "support achieving the ambitious growth and profitability targets" of Lucart Group's strategic plan for the coming years. The companies did not provide structural and financial details of the deal nor when the transaction will be completed.
Lucart Group's holding company Pasfin is currently 100 per cent owned by the Pasquini family. The family will remain "actively involved in the operational management with the ambition to continue to improve this growth path by focusing on a project consistent with the Group's values and objectives," said Lucart CEO Massimo Pasquini.
Lucart Group runs twelve tissue machines at ten production plants in Italy, France, Hungary, Spain and the UK, two logistic hubs in France and Italy, and a sales company in Germany. The group has a nominal production capacity of up to 400,000 tpy of tissue paper, airlaid tissue and MG paper, and employs more than 1,700 people.
In 2023, Lucart produced 343,000 tpy of tissue paper and 262,000 tpy of tissue products. The group posted sales of €765m, an increase of 7 % y-o-y, while the EBITDA result more than doubled to €130m.
55 per cent of raw material consumption in 2023 was recovered paper and 45 per cent primary fibre pulp. The company aims to increase recycled fibre consumption to 60 per cent by 2030.
