Proventus Capital Partners has provided a EUR 23 million junior debt facility to Bilcare Research AG (“BRAG”), a leading producer of packaging films headquartered in Switzerland. The facility will be used to refinance existing debt and invest in growth. Proventus Capital Partners has also invested in a EUR 65 million senior facility arranged and underwritten by Deutsche Bank AG.
BRAG primarily operates two business lines; Pharma Packaging, producing specialty films for the pharmaceutical industry, and Specialty Films, producing rigid films for a wide range of of products. BRAG also provides plastic film products to various industries, including the credit card industry. The group owns five manufacturing facilities. Its main operations are in Europe and it is also represented in North America. BRAG was established in 1962 and is owned by Bilcare Ltd, a company listed in India.
Proventus Capital Partners values BRAG’s strong market position as one of two global suppliers within the pharma segment, a stable, uncyclical and growing market with high entry barriers. In addition, BRAG has a large and diversified customer base with many long-term customer relationships and a highly experienced management team.