New owners for Innovia Group

SPECIALTY films maker Innovia Group has been acquired by the private equity group Arle Capital from the Candover 2001 Fund for €498 million, with funds raised from a syndicate of new investors.

The Innovia Group employs 1,600 people across two divisions – Innovia Films and Innovia Security. It operates six manufacturing sites located in Australia, Belgium, Mexico, the United Kingdom, and the United States, coupled with a network of sales offices, agents and distributors throughout the world.

The Group recently announced a ￡20-million ($30.6-million) investment in a state-of-the-art gas turbine and a new ‘bubble’, which will increase its BOPP output by 10 percent. Another additional ￡20-million will be spent to build a new plant to produce the new ￡5 and ￡10 polymer banknote substrate following a decision by the Bank of England to adopt polymer bank notes.