Abris-backed Velvet CARE buys Almus

Acquisition will boost Velvet CARE’s position as the Polish market leader in paper tissue manufacturing

10 January 2023, Warsaw – Abris Capital Partners (“Abris”), the ESG transformation specialist private equity investor, has supported Velvet CARE, the largest independent tissue manufacturer in Poland, in acquiring Almus, a family-owned Polish tissue converting business.

Almus manufactures toilet paper and kitchen towels, offering high quality products in both branded and private label categories. The company has a well-invested asset base, including five modern and high-quality converting lines with a total capacity of 70,000 tonnes annually, and has been growing steadily in recent years.

The acquisition will strengthen Velvet CARE’s market leadership position and boost the company’s medium and long-term growth prospects.

Tomasz Kujawa, Investment Director at Abris Capital Partners, commented:
“This investment is the next step in Velvet CARE’s ambitious consolidation of the regional market. Under the exceptional management of the Velvet CARE team, the acquisition of Almus will generate numerous synergies and further cement the company’s position as a regional champion in terms of quality, efficiency and ESG integration.”

Abris acquired Velvet CARE in 2018 with a plan to create a leading regional player in private label and branded tissue products. The company has grown strongly during Abris’ investment, with continued positive performance in 2021 and 2022 despite cost pressures and the changing geopolitical landscape.

During this period, the business has focused on production efficiency, flexibility and automation in converting, further improving its competitive positioning across all product categories. Velvet CARE has also secured foothold in the German market and established a presence in key export markets including the Czech Republic, Slovakia, the Baltics and Scandinavia. In addition, Abris is continuing to drive Velvet CARE’s eco agenda, with the aim of achieving carbon neutrality within three years.

Velvet CARE CEO Artur Pielak, added:
“We are delighted to welcome the Almus team on board, who will help us strengthen our position as Poland’s market leader in tissue products. We look forward to joining forces with Almus to offer clients best-in-class tissue products.”

The investment builds Abris’ track record in this sector, with the firm having previously invested in Pehart, a leading tissue paper producer in Romania.