Gpack gives up controlling stake to Oxy Capital

The Oxy Capital private equity firm and illimity Bank will be the pivotal players in the debt restructuring agreement (pursuant to Article 182 bis of the Italian Bankruptcy Law) between the Gpack Group, a leading manufacturer of boxes and cases made of cardboard and similar materials for the luxury, pharmaceutical, cosmetics and food & beverage markets, and its creditors. The total exposure of €60 million will be absorbed entirely by Oxy Capital and illimity Bank, which will also inject new funding to support the relaunch of the company.

Gpack is controlled by the Bramucci family and operates 6 production plants with around 370 employees. In recent years, it embarked on a process of external growth through a series of major acquisitions, at the end of which the company began to suffer a decline in profitability due to delays in the process of restructuring and integration of the acquired companies, a situation that has been further exacerbated by the impact of the pandemic on its markets.

Oxy Capital, a management and investment company specialising in the industrial conversion of medium-sized Italian companies which is co-investing in the operation, will contribute its managerial expertise and will assume the role of controlling shareholder of the Gpack Group. The Court of Milan is expected to approve the operation by the end of the summer, after which the Gpack Group will be controlled by Oxy Partners, which has drawn up a growth plan focused on the search for greater production efficiency and the development of environmentally sustainable products.