The paper manufacturer Celtex S.p.A., for thirty years a specialist in the production of tissue paper for professional use, has in the last few days completed the acquisition of the German group Hecatec, which has plants in the province of Leipzig and a subsidiary in Poland. Hecatec also operates in the tissue products sector and in the complementary field of nonwoven fabrics used in cleaning, personal hygiene and in particular the health sector.
A key factor in the acquisition process was the support of the Intesa Sanpaolo Group, represented locally by the Cassa di Risparmio di Pistoia e della Lucchesia (Savings Bank of Pistoia and the Plain of Lucca). The company’s long relationship with the bank enabled involvement of members of the Intesa Sanpaolo Group in providing all the support necessary to validate, develop and finance the project. The EMEA desk of the International Department and Mediocredito Italiano (a member of the Intesa Sanpaolo Group) supported the acquisition through a medium-term financial product known as “International+”.
Celtex, which has its headquarters in Lucca’s paper-making district, has an international reputation for the export of high quality products and cutting-edge manufacturing technology, thanks to a process of continuous innovation. The group, which has plants in Tuscany and in particular in the province of Lucca, and also in Saint-Dizier in France, had revenue of approximately 100 million euros in 2014, with over 60% of its products being exported, mainly to markets in EU member states.
Collaboration between Celtex and Hecatec (which has revenues of around 40 million euros) dates back some twenty years. The acquisition is the result of the companies’ familiarity with each other and shared strategy of growth and international expansion. It developed from the mutual respect and trust between Celtex’s Andrea Bernacchi, Claudio Giacometti and Alessandro Carrara and Hecatec’s Reiner Hasseider and Ralf Rossmann. The forward-looking strategy and future synergies saw the collaboration evolve into a joint international operation and the personal relationship itself enabled the Celtex offer to prevail over others with a greater financial dimension. Market considerations were, of course, also a determining factor: with this acquisition, Celtex increases its sales, completes its product range and gains a significant bridgehead into the German and East European market.