The Chandigarh-headquartered Toppan Speciality Films (TSF), a subsidiary of Toppan Holdings, has entered into a definitive agreement to acquire 80% of the issued shares of Irplast, an Italian high-performance BOPP film manufacturer, from the current majority shareholder, British-based investment fund Cheyne Strategic Value Credit.
Irplast is a leading manufacturer of high-performance BOPP films, using simultaneous biaxial orientation technology to offer superior transparency, durability, and processability, contributing to reduced environmental impact and improved recyclability and delivering products widely used in various fields, including packaging and labels for food, personal and home care.
Leveraging its experience and technological expertise in the printing and packaging sectors, the Toppan Group will integrate Irplast’s advanced manufacturing technologies for high-performance BOPP films to develop and deliver innovative solutions to meet various customer needs. The acquisition aligns with Toppan Group’s strategic goal of realizing a sustainable society, the company stated.
“This acquisition represents a significant step forward in Toppan’s business growth and technological innovation in the film business. By incorporating the advanced technologies and expertise of Irplast, we are confident that we can further enhance our sustainable solutions,” said Hiroshi Suzuki, executive officer of the Toppan Group leading the global film business. “Toppan remains committed to contributing to society through the pursuit of sustainable value creation and customer satisfaction.”
“TSF’s acquisition of Irplast strengthens our global presence and commitment to sustainable innovation. With this new addition and our new hybrid BOPE line, we are all set to embark on a new journey of sustainability 2.0,” Manohara Kumar, CEO and whole-time director and board member of TSF, said in a LinkedIn post.
Packaging South Asia has written about the new hybrid BOPE line from Brückner at TSF’s Punjab plant. Toppan Speciality Films also recently inaugurated its second cast polypropylene (CPP) production line, a 7-layer line from W&H, to upgrade its capacity at its factory in Rail Majra near Ropar in Punjab’s Bhai Mohan Singh Nagar.
Founded in 1990, Toppan Speciality Films has grown into a leading supplier of specialty and sustainable packaging. TSF was formerly known as Max Speciality Films and became a subsidiary of Toppan in 2022. It manufactures a vast range of PP films that have gained global recognition and acceptance across various applications — graphic arts, labeling, and flexible packaging for processed foods, confectionery, non-food fast-moving consumer goods (FMCG) and industrial goods.
Irplast is an established producer of biaxially oriented polypropylene films (BOPP), some of which are converted internally for roll-fed wrap-around labels (for the food, beverage, dairy, personal and home care markets), for printed adhesive tapes and multipack solutions. The company has developed a unique know-how in the design and production of innovative and customized BOPP films. First in Europe to engineer and install a simultaneous stretching Bruckner-LISIM line for the production of BOPP films for flexible packaging, Irplast delivers on its very serious commitments to innovation and sustainability.
The professional team supporting Cheyne Strategic Value Credit (SVC) in the divestiture process includes the advisor Houlihan Lokey and the international law firm Chiomenti, while Irplast’s management was assisted by the law firm BonelliErede. In the acquisition process, the Toppan Group was advised by EY India as the buy-side investment banker, while for due diligence, they were assisted by KPMG and the law firms Bird & Bird and SAM.
