Italian group Pro-Gest, a European producer of recycled paper, corrugated board and packaging solutions, has announced that it has successfully completed the issuance by its subsidiary Cartitalia of 75 million EUR of bonds underwritten by Carlyle’s Global Credit platform. This transaction follows the two issues made at the end of December 2020 by Cartiere Villa Lagarina S.p.A. and Tolentino S.p.A., respectively for a capital amount of 90 million EUR and 35 million EUR, all subscribed by Carlyle’s Global Credit platform.
«This latest transaction strengthens the capital structure and further supports the group’s ability to achieve significant growth, starting as early as 2021, as well as the possibility of seizing any business opportunities in the reference market,» comments Bruno Zago, chairman and founder of the group. «These important new goals will undoubtedly be supported by the strengthening of the Board of Directors and the management team, as announced last February (the company’s General Meeting of Shareholders resolved to appoint four new members of the Board of Directors, bringing the total number of members of the Board of Directors to nine, which was previously made up only of members of the Zago family)».
«In addition, the successful start-up of the Mantua plant, in which significant resources have been invested to make it one of the most advanced production centres in Europe,» says Francesco Zago, CEO of the Pro-Gest Group, thereby confirming the dynamism of the various business units that is characterising the activity in this first part of 2021 and that «will have a significant impact, also thanks to qualified product innovation, on the Group’s performance».