Bold Steps in Business: Sun European Partners Announces Sale of Vetrerie Riunite Group
In a pivotal move, Sun European Partners has inked an agreement to sell the esteemed Vetrerie Riunite Group (VR Group), a conglomerate encompassing Vetrerie Riunite S.p.A. and Borromini S.r.l., to Teak Capital and Tangor Capital for an undisclosed sum. Notably, the transaction excludes the Novaref division of VR Group.
Meet the New Owners: Teak Capital and Tangor Capital
Teak Capital, owned by the Moreira da Silva Family, and Tangor Capital, the family office of the Silva Domingues family, are the driving forces behind this acquisition. These entities have substantial stakes in BA Glass, a leading European glass packaging company, and Cerealis, a prominent player in the Portuguese food sector.
A Legacy of Excellence: VR Group’s Expertise
Headquartered in Colognola ai Colli, Verona, Italy, VR Group has been a global powerhouse since its inception in 1968. Renowned for its expertise in glass windows for front-load household laundry appliances, the company also specializes in designing and producing molds for pressed glass and plastic injection. Their footprint extends notably into the automotive lighting sector.
A Shared Vision: Sun European Partners’ Insights
Paul Daccus, Senior Managing Director at Sun European Partners, expressed his confidence in VR Group’s future. He stated, “This successful sale not only marks a significant milestone for VR Group and our investors but also showcases our confidence in VR Group’s continued prosperity under its new investors.”
Charting a New Course: VR Group’s Growth Trajectory
Davide Vassena, CEO of VR Group, echoed this sentiment, emphasizing the successful collaboration with Sun European Partners. He anticipates a promising future under the guidance of Teak Capital and Tangor Capital, both distinguished for their investment acumen and operational expertise.
Looking Ahead: A Future of Innovation and Expansion
Carlos Moreira da Silva, Founder and Director of Teak Capital, outlined their strategy for VR Group’s future. He highlighted their dedication to enhancing Italian operations and expanding their presence in China, aiming to fortify VR Group’s position as a global market leader.
This strategic transition signifies not just a change in ownership but a new chapter for VR Group, one poised for continued growth, innovation, and global excellence.
Source: Sun European Partners with additional information added by Apazone