Athena Private Equity S.A., Milan, and IMI Fondi Chiusi SGR, Italy, completed the sale of Centroplast Group, a European-based provider of flexible packaging to the food industry, to SAICA, a Spanish operator in recycled paper and cardboard.

Centroplast, based in Meldola, Forli, nearly doubled its revenue following a recent MBO that enabled the company to establish a clear strategic plan. The primary drivers of Centroplast's revenue increase are sustained growth in the European markets and demand from major multinational food companies. Over the years, Centroplast has also benefited from its significant investments in improving the efficiency and environmental sustainability of the business.

SAICA, which recently entered the plastic packaging sector, plans to leverage Centroplast and the management team to develop and execute an ambitious international growth strategy.