US firm ACON Investments gains foothold in South American packaging market via two major acquisitions

US firm ACON Investments gains foothold in South American packaging market via two major acquisitions

US private equity investment firm ACON Investments has completed acquisitions of Columbia-based rigid plastic personal care packaging manufacturer Intecplast and Pieriplast, a Peruvian supplier of customized packaging for the direct sales cosmetics industry.

Intecplast and Pieriplast will be consolidated under a new holding company, Amfora Packaging, to form one of the largest pan-Andean plastic packaging companies with over 800 employees and production facilities in Lima, Peru and Bogota, Colombia.  

Founded in 1982 in Bogota, Colombia, Interplast is a leading manufacturer or rigid plastic packaging solutions using injection, blow molding, injection stretch blow molding and injection blow molding for the cosmetics, personal care and pharmaceutical industries in the Adean region and Columbia.

Pieriplast, established in Lima, Brazil in 1987, produces a diverse portfolio of packaging formats including mascaras, lipsticks, powder dispensers, jars, and perfume caps. Pieriplast services direct sales cosmetics companies in Peru, Colombia, Ecuador, Mexico, and Brazil.

Jose Miguel Knoell, Managing Partner of ACON, commented, “The integration of Intecplast and Pieriplast into Amfora forms the leading manufacturer of plastic packaging for cosmetics and personal care products in the Andean region. The Company will be well-positioned to enter new export markets and at the same time capitalize on a fragmented industry in the Region with few competitors able to develop and produce quality products acceptable to multinational customers.”

ACON’s investment in Amfora supports the existing management of Intecplast and Pieriplast. Jose Alejandro Arango, the CEO of Intecplast, will become Amfora’s CEO and Renato Pierinelli, founder and former CEO of Pieriplast, will retain a significant equity stake in Amfora and will become both the Chief Technical Officer and Chairman of the Board of the Company.

The investment is part of ACON’s continued investment strategy throughout Latin America where the firm has been actively investing for nearly two decades in medium-sized businesses across a range of industries related to Amfora including retailing and light manufacturing.

Terms of the transaction were not disclosed.