Private shareholders have sold a strategic stake in Lucart to Azzurra Capital

Lucart

Founded in 1953 by the Pasquini family and located near Lucca, Italy, Lucart is a leading European manufacturer and converter of tissue and specialty paper products mainly for the high-growth Away-From-Home (AFH) sector, as well as the consumer segment. Lucart stands as the undisputed leader in Italy and number two player in Europe in AFH while boasting top-of-mind consumer brands, including Tenderly® and Tutto®, and high-quality private label offerings. Lucart is the frontrunner in the recycled and sustainable space, with relevant share of green solutions and multiple innovations pioneered, including the recovery of cellulose fibers from used beverage cartons. The company boasts extensive technological capabilities and a vertically integrated, flexible production footprint with direct manufacturing presence in five countries across Europe.

The Deal

Lucart’s founding family engaged Lincoln International to identify a partner that could support the company’s next phase of growth. Lincoln acted as the exclusive M&A advisor, providing insights on the market landscape, valuation and potential acquirers, as well as transaction and deal structure alternatives. Cross-border collaboration, deep industry knowledge and on-the-ground execution ensured a seamless process in which Lincoln was able to identify the right partner for Lucart’s shareholders and ultimately achieve a successful transaction.

Our Perspective

Saverio Rondelli, Lincoln International Managing Director who led the transaction, commented, “It’s been an absolute pleasure and privilege to work with Lucart and the Pasquini family. Lucart’s unique know-how in recycled tissue solutions, coupled with the strong exposure to the growing and profitable AFH segment, best positions the company to capture incoming growth opportunities across the global tissue market. We could not be prouder to have played a role in the creation of what we’re sure will be a very successful partnership.”

Azzurra Capital

Azzurra is a growth opportunity fund investing in sector-leading, privately-owned companies. Through collaborative partnerships, Azzurra aims to drive value creation by enhancing market positioning, capitalizing on consolidation trends and facilitating further expansion into international markets. Azzurra boasts a heterogeneous base of top-tier investors including one of the largest sovereign funds globally, primary financial institutions and family offices.

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