Completion of the sale of Fedrigoni’s Security business to Portals
Portals, a UK-headquartered global specialist in banknote and security paper production, and Fedrigoni, one of the leading European producers of specialty papers and high value-added products for packaging, graphics, and self-adhesive labels, announce the completion of the acquisition of Fedrigoni’s Security business based in Bollate, Italy, by Portals.
In a separate agreement, Portals has also acquired an option to purchase certain assets and production machinery related to banknote and passport papers from the Fabriano (Italy) security division of Fedrigoni. This option may be exercised by either party by the end of 2021. Fedrigoni’s Security business includes an extensive portfolio of security features for banknote applications and other security documents, as well as the production plant in Bollate (Milan, Italy).
“We are pleased to welcome Fedrigoni’s skilled and experienced Bollate team to Portals as we continue to develop a leading, integrated security paper business. This transaction will enable Portals to develop and deliver, more quickly and efficiently, the leading security products our customers require,” said Portals CEO Dr Ross Holliday.
“We are proud to announce the successful completion of the acquisition,” said Marco Nespolo, CEO of Fedrigoni Group. “Portals is a major player in the banknote and security papers business and is committed to this market. We are confident that what we built is headed towards further expansion, ensuring continuity to our clients and our people who will join Portals along with the business.”
All Bollate’s activities have been successfully moved to Fase S.r.l., the new company established to enable the sale of the Security business to Portals. Around 100 employees from the Group – including operations, sales and administration – have joined Fase S.r.l. and all contracts related to the Security business have been transferred to the new company, ensuring full continuity for customers and suppliers.
As for Fabriano, in case the option is exercised, the machinery and equipment used for the production of banknote and passport papers will be sold to Portals, with all employees and certain critical assets, such as the mould machine, remaining with Fedrigoni to strengthen the Art & Drawing paper business, which includes art papers and quality printing papers, both of which are expanding quickly and will be developed further.
Since its acquisition by private equity firm Epiris in 2018, Portals has invested heavily to develop its banknote and security paper business. Following the Bollate acquisition, Portals will be able to provide its customers with an improved and integrated portfolio of papers, security threads and foils, therefore significantly accelerating its investment in a comprehensive innovation strategy.