Vlet Holdings, a subsidiary of Polish investment fund Abris Capital, has signed a deal to take over local tissue paper maker Velvet Care from investment fund Avallon.
Velvet Care currently employs more than 500, and operates a plant in Klucze, in Poland’s southern part. The amount of the deal was not disclosed, but Velvet Care said in a statement that, in the past 4.5 years, it invested close to PLN 250 million (€60 million) in developing its capacities.
The latest transaction is subject to regulatory approval by Poland’s competition watchdog UOKiK.
