Kartesia and Cornerstone acquire pan-European biodegradable hygiene products manufacturer Ecowipes
Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce its joint acquisition of Ecowipes Group, consisting of Ecowipes Sp. z o.o. based in Nowy Dwór Mazowiecki, Poland, and Hydra SAS based in Moosch, France (together “Ecowipes” or “the Company”). The acquisition was completed in partnership with Cornerstone Investment Management, a private equity investor based in Warsaw, Poland. Kartesia also provided debt facilities to support the acquisition.
Ecowipes is Europe’s leading vertically integrated producer of biodegradable wet wipes and other personal hygiene products. The company operates several large and modern non-woven and conversion units in Poland and in France. It distributes its products to retailers and branded consumer companies in more than 15 countries. Cornerstone and Kartesia plan to pursue further organic and external growth opportunities and accelerate the international development of Ecowipes, leveraging its state-of-the-art biodegradable non-woven production facilities.
Gabriel Kermiche, CEO of Ecowipes noted: “We are very pleased to partner with Kartesia and Cornerstone in this unique opportunity to consolidate the European market for biodegradable wet wipes, pads and buds. Ecowipes is a company focused on environmentally friendly production, combining operational strength and state-of-the-art technology with committed people who have a clearly defined purpose of creating a better, plastic-free world. I believe that with the support of our partners, our people’s ambition will be achieved faster.”
Tomasz Pietrzak, Partner at Cornerstone Investment Management: “Ecowipes, currently operates the two most technologically advanced wet wipes, hygiene buds and cosmetic pad factories in Europe. Combining this with its leading bio-degradable expertise in consumer product solutions makes it a unique strategic asset. The Company was established by experts with more than 30 years of experience in introducing innovative solutions in this industry.”
Tomas Neuhaus, Director at Kartesia, commented: “Kartesia strives to identify and invest into technological leaders in their field, and we are very excited to support Ecowipes, the European leader in the transition to a more sustainable world in single use hygienics such as wipes. Traditional personal and baby wipes are among the most polluting hygiene products, but customers are demanding more sustainable options. Ecowipes is leading the industry with a product range which is plastic-free and fully biodegradable. We are looking forward to our collaboration with all the people at Ecowipes led by Gabriel Kermiche to make this ambition a reality.”
Giuseppe Mirante, Senior Advisor at Kartesia, added: “This is another successful example of how our co-operation with Cornerstone enables leading Central European market players to expand their expertise and product offerings into other regions. Ecowipes is already the leading European biodegradable wet wipes producer, together with Cornerstone and management we intend to further develop the Group’s market presence in Western Europe.”