Investment firm Peak Rock Capital has acquired Italian plastic film producer AMB SpA.
Austin, Texas-based Peak Rock made the acquisition in partnership with the Marin family, which founded and owns AMB, as well as the firm's management team, officials said in a Feb. 5 news release. No purchase price was disclosed.
AMB, based in San Daniele, Italy, makes rigid and flexible films for use in food packaging. The firm also offers design, prototyping and tooling services to its customer base, which includes food manufacturers and packaging thermoformers.
AMB specializes in food-grade recycled plastic and is a leader in developing more sustainable and recyclable plastic packaging, officials said. The firm employs more than 430 at five European locations, including the United Kingdom and Germany.
"AMB represents an exciting opportunity for us to invest in a leading provider of recyclable products within the stable and growing European market for rigid food packaging materials," Peak Rock Capital Europe Managing Director Alex Dabbous said in the release. "We are excited to partner with the Marin family and the company's talented management team to support AMB's growth through geographic and customer expansion, product innovation, and potential add-on acquisitions."
AMB CEO Bruno Marin added that the investment by Peak Rock "is another huge step in our growth plans, perhaps the largest in our company's history."
"Over the past 50 years, AMB has become a leader in its space through innovation, talented people and an unwavering focus on our defined vision," he said. "Peak Rock has been an active investor in our market historically and truly understands not only our business but the future growth potential of the industry."
Peak Rock CEO Anthony DiSimone added in the release that "given our deep expertise in the packaging segment, we will continue to seek additional platform investments in the industry across Europe and North America, as well as add-on acquisitions that we believe could benefit from our ability to drive rapid growth and improve performance."
AMB was founded in 1969 by Clotilde Manfrin-Polano and Renata Polano Marin. The firm's first products were low density polyethylene bags. The Marin family have been AMB's sole owners since 2005.
Peak Rock officials said that the firm focuses on opportunities where it can support senior management to drive rapid growth and profit improvement. Peak Rock previously owned ProFusion Industries, a maker of PVC flooring and treads, as well as plastic film and sheet based in Fairlawn, Ohio, before selling that business in 2020.