Apollo Global Management Inc. has, through certain funds managed by its affiliates have entered into definitive agreements to acquire a majority stake in Reno De Medici S.p.A., a producer of recycled cartonboard in Europe.
Apollo Funds will acquire approx. 67% equity ownership in RDM from the Company’s top two shareholders, Cascades Inc. and Caisse de dépot et placement du Québec for EUR 1.45 per share.
“Already one of Europe’s top leaders in recycled cartonboard, RDM is well positioned for continued growth as more companies replace plastics with sustainable packaging. We view RDM as a proven platform for inorganic growth and look forward to working with Michele and the management team as they scale the business for greater positive environmental impact,” said Marc Becker, senior partner and co-lead of Apollo Impact. “As the inaugural investment led by the Apollo Impact platform, RDM reflects our strategy to find good businesses where we believe we can drive financial and impact performance to increase their beneficial effects on society and the planet.”
“We are excited to work with Apollo through this next phase of growth for RDM. Over the last five years, our exceptional team has made significant progress in scaling our platform and optimizing our operations across Europe,” said Michele Bianchi, CEO of RDM group. “Looking ahead, we are equally excited about Apollo’s shared commitment to the circular economy of which we are both contributors and beneficiaries. We look forward to building on our ambitious sustainability goals to shape a better future for all our stakeholders.”
Andrea Moneta, Apollo’s Senior Advisor for Italy, added “RDM underscores the important role Italy is playing in building a more sustainable global economy, and Apollo’s commitment to working with best-in-class Italian corporates, entrepreneurs, and management teams to support their long-term growth.”