Czech private equity fund Jet 3, part of the Jet Investment Group, agreed to buy a controlling stake in Plastiwell International, a leading Polish manufacturer of high-quality plastic products for sectors including carmaking, electrical engineering and sporting goods. Jet plans to continue seeking targets around Central Europe for its more than €100 million war chest.
The company employs more than 1,000 people on three highly automated production lines around Poland, and has large teams working on automation, robotization and design, with in-house toolmaking.
“Europe is redefining its approach to plastic packaging, and the role of this material in industry is clearly growing,” said Marek Chłopek, Managing Director of Jet Investment Poland. “As new materials and new technologies for production and recycling are developed, plastic is replacing metal. As a leader in this sector in Central and Eastern Europe, Plastiwell has the opportunity to leverage these trends and capture new market segments.”
Forecasts from Precedence Research call for the global plastics market to grow by an average rate of 4.2% in 2024-2033, increasing to $944 billion from $625 billion in 2023. The market for plastics in industrial applications is expected to grow faster, by 5.1% a year, as plastic parts’ lower weight, greater durability and lower price help them push out metal components.
“Working with Jet Investment will allow us to speed up our expansion, enter new market segments and spread into new territories, including through acquisitions,” said Marcin Wysocki, CEO of Plastiwell International.
Plastiwell made its first acquisition last year buying Bydgoszcz-based TMR Plastics, a maker of precision technical elements, from Tar Heel Capital. The Plastiwell Group also includes Polplast Polska, specializing in parts and components for automotive and electrical manufacturing, and Tarnwell Polska, which makes sporting goods, parts for electrical installations and components of household appliances.
After completing the acquisition, which is conditional on approval from Poland’s competition regulator, Jet Investment will have a majority stake in Plastiwell. Mr. Wysocki will hold the remaining shares.
The transaction is the first investment in Poland by the Jet 3 fund, which has more than €100 million for further acquisitions. Jet Investment, which set up its Warsaw office in 2023, is actively searching for targets on the Polish market, focusing on industry, to add to the two Polish companies already in its portfolio: Rockfin, which provides engineering services for the energy sector, generating 80 percent of its revenue abroad, and printing company Eurodruk-Poznań.
“The pandemic-driven supply chain disruptions and the continuing tense geopolitical situation mean companies are looking for reliable partners close to home, to avoid any further delays in parts supplies,” said Marek Malík, Managing Partner at Jet Investment. “Today our region is the heart of industrial Europe, and everything indicates we’re poised for years of solid growth.”
DRV Legal and MFW Fiałek were the legal advisers on the deal. Plastiwell and its owner were represented by financial adviser Bastion Group and the law firm LEGALPLUS Jasiński Kloc.
