8 May 2025 – Carton Pack, a portfolio company of A&M Capital Europe (“AMCE”), a London-based private equity firm with €650 million of commitments under management, has signed the acquisition of Andolfi & C. S.r.l. (“Andolfi” or the “Company”), a growing producer of sustainable, flexible packaging solutions from its founder.
Established in 1961 and headquartered in the Marche region (central Italy), Andolfi is a renowned player in the extrusion and conversion of flexible packaging solutions. The Company specialises in mono-material polyethylene solutions, which are experiencing significant growth due to their recyclability properties.
This acquisition further enhances Carton Pack’s footprint in sustainable products while vertically integrating flexible film extrusion capabilities. This strategic move broadens Carton Pack’s technological portfolio and creates opportunities for material cost synergies in the medium term. This is a further step in Carton Pack’s strategy to become a leading European food packaging specialist with a multi-material product offering.
The transaction is Carton Pack’s fifth add-on acquisition since AMCE acquired a majority stake in Carton Pack in April 2022 and marks AMCE’s thirtieth Fund I transaction.
AMCE and Carton Pack were advised by Alpeggiani Avvocati Associati as legal counsel for M&A and corporate matters, Spada Partners as accounting and tax advisers and ERM as environmental, health & safety adviser.
About Carton Pack
Founded in 1970 and headquartered in Puglia, Italy, Carton Pack provides specialist, multi-material, recyclable packaging solutions to Europe’s food markets, with a strong presence in the fruit and vegetable sector. The company’s diversified portfolio includes flexible and rigid plastics, corrugated and solid carton products, and moulded pulp. Carton Pack operates from nine production facilities and twenty warehouses in Italy, Spain and the UK, employing ~750 people. Under AMCE ownership, the company has been executing a buy-and-build strategy in the European food packaging industry.
About A&M Capital Europe
AMCE is a London-headquartered private equity investment firm specialising in building pan-European platform companies through buy-and-build and organic growth initiatives. AMCE Fund I currently has €650 million in commitments, and Andolfi represents AMCE’s thirtieth transaction across its eight portfolio companies. More broadly, AMCE is part of A&M Capital, a multi-strategy private equity investment firm that manages commitments totalling ~€6 billion across all its investment strategies. In addition, A&M Capital maintains a strategic association with Alvarez & Marsal Holdings, LLC, a leading global operationally-focused advisory firm. For additional information, please visit A&M Capital Europe’s website at www.a-mcapital.com.
