INVL Baltic Sea Growth Fund has finalised the acquisition of Romanian tissue paper producer Pehart Group from Abris Capital Partners.

The deal closed on 11 July and includes over €150m in financing led by IFC, Banca Transilvania, and ING Bank Romania, with a significant sustainability-linked component.

With a history tracing back 187 years, Pehart is one of the largest paper manufacturers in Southeast Europe, with brands such as Pufina, Alint, and Altessa. The company generated €165m in revenue in 2024 and employs more than 550 people. Its latest brand, SOVIO, targets the Away-from-Home sector as part of a wider product diversification strategy.

Under Abris Capital’s ownership, Pehart expanded its production infrastructure and international footprint. The sale marks a successful exit for Abris, which described the transaction as the culmination of a strategic partnership aimed at building a regional industry leader.

“We are excited to back Pehart Group management team […] and will support significant investments into manufacturing expansion and regional acquisitions,” said Vytautas Plunksnis, Partner at INVL Baltic Sea Growth Fund.

Gabriel Stanciu, CEO of Pehart Group, added: “We see this partnership as an opportunity to accelerate our development plans and strengthen Pehart Group’s position as a regional leader in the paper products industry.”

Deimantė Korsakaitė, Managing Partner at INVL, noted that the transaction completes a ten-company portfolio for the €165m fund, and supports the launch of INVL Private Equity Fund II, which raised €305m at first close earlier this year.

Marcelo Castellanos of IFC highlighted the role of private capital in supporting Romania’s green transition, while executives from ING and Banca Transilvania praised the strategic alignment of the deal with regional growth and sustainability objectives.

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