Duni Group has sold 25 per cent of the BioPak Group to Australian private equity fund Five V Capital, for $65.8m, in a move which it says will accelerate the BioPak growth trajectory.
BioPak produces “high quality” and “environmentally-conscious” take-away products, including bowls and plates, coffee cups and cold drink cups, paper straws, wooden cutlery and paper bags.
Sweden-based Duni has been considering how best to optimise the long term value of BioPak, and says its new partnership with Five V presents it with a significant opportunity to add value.
The strategic partnership is centered on delivering the next phase of growth for BioPak Group, Duni Group says the deal will enable itself and the co-founder and CEO of BioPak, Gary Smith, to accelerate its growth agenda. Five V will be actively involved with management, Duni Group and Gary Smith, as BioPak Group looks to grow its market-leading presence across existing and new markets.
Smith told PKN, “The new partnership will play a vital role in helping BioPak accelerate its global mission, a world without waste. It will provide opportunities to build into new and existing markets, tapping into onshore production, entering new markets outside of the foodservice industry and will really accelerate the brand internationally.
“This growth will lead to more choice and sustainable opportunities for BioPak customers across a range of sectors, shaping widespread behavioural change to put the environment first. Five V Capital and BioPak also have incredibly aligned values, both being B Corp certified, purpose-led and motivated to make a difference.”
BioPak's operations will remain unchanged in Australia, however, the workforce will continue to expand as the company enters a new stage of growth.
Robert Dackeskog, president and CEO, Duni Group, said, “I am pleased to have Five V on board as a local partner. We will together accelerate BioPak Group’s growth in Asia Pacific and beyond. The partnership will also strengthen Duni Group’s strategic focus on profitable growth and development.”
Five V is a leading private equity and venture capital firm in Australia and New Zealand, with $1.5bn assets under management. It is a certified B Corporation with a focus on sustainable investments, and says it has a track-record of helping businesses grow and expand both locally and internationally.
“We are excited to be partnering with Duni Group and Gary Smith to support the continued growth and global sustainability impact of BioPak Group,” said Adrian MacKenzie, partner at Five V.
BioPak Group, with its subsidiaries in Australia, New Zealand, United Kingdom, United States and Singapore, comprises approximately 60 per cent of the turnover in Duni Group’s BioPak business area, which offers sustainable packaging solutions predominantly for meal packaging and food service purposes.
Smith said, “With our ambition of creating a worldwide brand and the success enjoyed on that journey with Duni Group, having Five V join our team will accelerate these goals in both existing and new markets.”
The transaction completion is subject to customary closing conditions.
