Sun European Partners has reached an agreement to sell Vetrerie Riunite Group (“VR Group”), including Vetrerie Riunite S.p.A. (“Vetrerie Riunite”) and Borromini S.r.l. (“Borromini”) to Teak Capital and Tangor Capital for an undisclosed sum. The Novaref division of the VR Group is not included within the transaction.
Teak Capital is an investment company owned by the Moreira da Silva Family, while Tangor Capital is the family office of the Silva Domingues family. Teak Capital and Tangor Capital hold shareholding interests in BA Glass, one of the leading glass packaging companies in Europe, and Cerealis, a reference in the Portuguese food sector.
Head-quartered in Colognola ai Colli, Verona, Italy, VR Group is a global leader in glass windows for front-load household laundry appliances. The Group, founded in 1968, is also specialized in the design and production of moulds for pressed glass and for plastic injection, especially for the automotive lighting sector.
Paul Daccus, Senior Managing Director at Sun European Partners, said, “VR Group is a remarkable business, spearheaded by an exceptional management team. In our partnership with the company since 2019, we diligently identified and pursued numerous operational opportunities, shaping VR Group’s trajectory for growth.
“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.”
Davide Vassena, CEO of VR Group, added, “Our partnership with the Sun European team has been a great success. Our shared values and focus on delivering a customer-first strategy, combined with Sun European’s operational knowledge and deep manufacturing expertise have allowed us to transform and grow the business further.
“We look forward to partnering with Teak Capital and Tangor Capital, who also bring extensive experience and an impressive track record as investors and operators, and with whom we look forward to a new growth phase for VR Group.”
Carlos Moreira da Silva, Founder and Director of Teak Capital, said, “Aligned with VR Group’s management, we are dedicated to enhancing business expansion, including by focusing on continuous improvement of the Italian operations and expanding our footprint in China, which we believe are key to protect and strengthen the position of the VR Group as a global market leader. Our ambition is to contribute to further value creation in the Group’s development.”