Fucine Film SolutionsOn May 8th, Gramax sold its portfolio company Fucine Film Solutions S.r.l. (FFS) to the management team (MBO). The transaction is backed by Trentino Sviluppo, the regional business development institution in Northern Italy. Trentino Sviluppo provides the financing facility and becomes a minority shareholder in the business as well.

FFS is one of the leading producers of PVC packaging material. The company, headquartered in Fucine/Trentino, is the second largest supplier of mono- and multi-layer PVC for the European food packaging industry.

Gramax acquired FFS in September 2014 in a cross-border carve-out transaction and worked closely with the management to complete the carve-out, build-up sustainable stand-alone operations and focus on organic growth resulting in an increased market share despite challenging conditions in a niche market. The management team as the new majority shareholder will continue to follow this strategy and further drive the market consolidation.

Following the latest investments of Gramax in 2016 - acquisition of the German ready-to-assemble furniture producer CS Schmal, a carve-out from kitchen producer Nolte Group, and the Portuguese lingerie manufacturer TGI, a carve-out from Triumph - the management buy-out of FFS is the first change in the portfolio of Gramax in 2017.

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Textil Gramax Internacional Gramax has completed the acquisition of Triunfo Internacional - Sociedade de Têxteis e Confecções, Lda, Portugal ("Company"). The Company was sold by the world leading lingerie and underwear manufacturer Triumph, headquartered in Switzerland in the scope of re-adjusting its strategic focus.

The Company is a full scale, highly dynamic and flexible European producer of intimate apparel with an annual production worth EUR 35 million in sales. The company is located in Sacavém (Portugal), near to Lisbon, and employs over 500 employees.

The initial focus of Gramax will be the support of the local management in carving-out the Company's operations from Triumph and to setup stand-alone operations with emphasis on establishing a private label manufacturer for high-quality intimate apparel as well as for other product segments made in Portugal.

The takeover of the Company is the second transaction by Gramax in 2016. Despite the acquisition of the ready-to-assemble furniture producer CS Schmalmöbel GmbH & Co. KG (Germany) last month, it is the fourth cross-border carve-out for Gramax.

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CS Schmalmöbel Gramax has acquired a majority stake in CS Schmalmöbel GmbH & Co. KG ("CS Schmal"), Germany. The company was sold by the German furniture manufacturer group Nolte SE in the scope of divesting non-core businesses.

CS Schmal is one of the leading manufacturers of ready-to-assemble furniture in the European market with over 110 years of experience. The company offers over 1.800 different products of home furnishing for all areas of life with annual sales of about Euro 60 million. At its production site in Waldmohr (Germany) CS Schmal employs over 400 employees and distributes all over Europe.

Within the first months, Gramax will support the management of CS Schmal to setup stand-alone operations with emphasis on strengthening the sales network of CS Schmal - particularly in France and the United Kingdom - and further develop other sales channels. In addition, Gramax assess further opportunities to increase market share.

The acquisition of CS Schmal is the fourth transaction of Gramax. After the three previous cross-border carve-outs in France and in Italy, this is the first acquisition by Gramax in Germany.

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Darbo On July 3rd 2015, Gramax Capital AG has completed the acquisition of Darbo SAS (, a wood processing business, located in Linxe, France, from Sonae Industria SGPS S.A., one of the largest wood-based panel producers in the world with headquarters in Porto, Portugal.

Darbo is a well known European supplier of particleboards with revenue just below 50 million Euro in 2014 at an export rate of about 50%. The company is located in the South West of France close to the Spanish border - the production has a capacity of 450 thousand m³ for particleboards and 70 thousand m³ for melamine products.

The initial focus of Gramax will be the support of the management in carving-out Darbo's operations from Sonae Group. In parallel Gramax will push to increase the efficiency and sales activities of Darbo - Gramax has committed immediate investments in new equipment as well as the expansion of the sales network.

For Gramax the acquisition of Darbo is the most recent investment in a carve-out situation of a company, whose business model had not been considered future core strategy by the seller. After the take-over of an industrial group in France in 2013 and the acquisition of an Italian based operation in the packaging industry, it is already the third cross-border transaction and the second investment of Gramax in France within the last two years.

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Airwell Gramax successfully exits its investment in Airwell ( after a holding period of only one year. Airwell was a carve-out with a turnover of 70 million Euro in the HVAC business taken over by Gramax from a public listed Israeli group in 2013. Main objective was the restructuring of the group and the exploitation of its assets.

Immediately after the take-over the restructuring plan was implemented and overhead costs as well as cash flow reduced and stabilized. In spring 2014 the process to exploit the assets was initiated and after the divestment of the French production sites to two strategic investors in an asset deal this summer it was finalized with sell of the German division. Eventually the French holding will now be liquidated. The restructuring also preserved the majority of the jobs. Despite difficult situation the group was in as well as a difficult market and labour environment in France the engagement of Gramax has overall led to pleasant results.

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Fucine Film Solutions Fucine Film Solutions (FFS - is one of the leading producers of packaging material for the food and pharmaceutical industry. FFS is the second largest supplier in its segment with its key markets in Western Europe.

There are strong consolidation tendencies in the market, which FFS intends to benefit from in order to improve its market position. Both diversifying the customer base and the product portfolio are the company's main targets. Besides investments in new markets as well as in the product development in particular further (add-on) acquisitions build an essential part of the planned growth strategy. In cooperation with GRAMAX, further potential targets are under evaluation.

For GRAMAX the acquisition of FFS is, after a takeover of an industrial group in France in 2013, already the second investment within only 12 months in a carve-out situation of a company.

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