Arle Capital acquired Innovia Group in a transaction that transfers ownership of the packaging film maker from a fund managed by the private equity firm, the companies said.

The transaction values the Group comprised of Innovia Films and Innovia Security at GBP 498 million (EUR 605 million). A syndicate of global investors supplied Arle with capital to acquire Innovia from Candover 2001 Fund, which Arle has managed since 2009, the companies said.
Arle “share our vision for the future and will continue to support new investment in both the films and security businesses”, said David Beeby, chief executive of Innovia Group.
Innovia Films makes Biaxially Oriented Polypropylene (BOPP) films used in packaging for tobacco products. The Group based in the United Kingdom employs 1,600 people and operates six manufacturing sites in Europe and North America and Australia.