Hivest Capital Partners leads the capital reconfiguration of Groupe SPHERE, the European leader in sustainable household packaging

Hivest Capital Partners S.A.S. (“Hivest Capital“), an independent European private equity firm, has signed a Sale and Purchase Agreement to acquire a majority stake in Groupe SPHERE, the European leader in sustainable household packaging, alongside the Persenda family as well as the company’s executives and employee shareholders.

Founded in 1976, with approximately 70% of its sales in recycled or compostable bio-based materials, SPHERE is a French family-owned group and a European leader in household packaging.

SPHERE manufactures and distributes a wide range of products for the consumer, professional, and public sector markets: waste bags, collection bags, fruit and vegetable bags, freezer bags, cooking bags, reusable shopping bags, films and papers for food and non-food contact, aluminum trays and rolls, disposable tableware, and containers for take-away food, among others.

SPHERE’s development strategy aims to innovate for future generations with the following key objectives:

• Using the appropriate material for each product based on its end-of-life;
• Increasing the use of recycled or bio-based and compostable materials;
• Developing the production of compostable bio-based raw materials;
• Designing materials with a low environmental impact.

With 15 production sites across Europe, including 7 in France, and an annual production capacity of 235,000 tons of films and bags, SPHERE generated sales close to €800 million in 2023 and employs over 1,600 people.

This capital reconfiguration also enables the group to accelerate its ambitious development plan and strengthen its position as a leader in its European markets, particularly through external growth operations.

John Persenda, Chairman and CEO of SPHERE, commented: “This operation will allow us to maintain continuity in the group’s governance and ensure its future development. It already gives us the opportunity to complete an external growth operation, which we will announce very soon.“

Alexandre Levavasseur, from Hivest Capital, added: “We extend our sincere thanks to Mr. John Persenda and his team for their trust. Over the years, Groupe SPHERE has demonstrated exemplary resilience and a constant capacity for innovation, cementing its position as a pioneer in the sustainable packaging market. We are proud and excited to support this company in a new phase of its development. Together, we share a common ambition: to strengthen our position as a key player in recycled, bio-based, and compostable packaging.“

About SPHERE

Founded in 1976, SPHERE is a French family-owned group and the European leader in household packaging, as well as one of the world’s leading producers of bio-based compostable materials for films and bags.

For more information: https://www.sphere.eu

About Hivest Capital Partners

Hivest Capital Partners is an independent European private equity firm authorized by the Financial Markets Authority. In the context of buyout or expansion projects, Hivest Capital Partners invests in mid-sized businesses with revenues generally ranging from €100 million to €1 billion. The private equity firm aims to help companies reach their full potential through improved operational performance and ambitious growth strategies.

For more information: https://hivestcapital.com

Participants

Buyer

• Investor – Hivest Capital Partners: Cédric Lépée, Axel Bonnassies, Alexandre Levavasseur, Frédéric Ramé, Gaël de Rohan Chabot, Maximilien Pignal
• Buyer’s Advisor – Aymax: Guillaume Bourcier
• M&A Advisor – Bucéphale Finance: Timothée Fontaine, Baptiste Jouve, Jovane Anton Mel George
• M&A Advisor – Raphaël Financial Advisory: Benoit O’Mahony, Hugo de la Brosse
• Legal Advisor – Hogan Lovells:
  • Corporate and Transaction: Stephan Hutten, Christophe-Marc Juvanon, Sophie Tricot, Raphaël Morin
  • Tax: Ludovic Geneston, Alexis Caminel, Olivia Berdugo
  • Competition: Éric Paroche, Victor Lévy, Éléonore Castagnet
• Legal Financing Advisor: Erwan Héricotte
• Financing Advisor: Laurence de Rosamel
• Financial Due Diligence – Eight Advisory: Gennat Mouline, Gilles Scherrer
• Strategic Due Diligence – Stratégia: Jean Berg, Thomas Chèvre, Simon Grosman, Manon Clément
• Operations Due Diligence – Kepler: Lionel Muller, Christophe Lefevbre, Ghassen Dkhili
• IT Due Diligence – Bearing Point: Jean-Charles Chevalier, Victor Crété, Hatem Dhouib
• Legal, Tax, Social Due Diligence – UGGC Avocats: David Gordon-Krief, Charles-Emmanuel Prieur, Bernard de la Vallée Poussin
• Environmental Due Diligence – Ginger Burgeap: Karim Abel Sebti
• Regulatory Due Diligence – Boury Tallon & Associés: Benjamin Faure, Nancy Ranarivelo
• ESG Due Diligence – I Care: Régis Cornelie, Nicolas Forget, Emma Aubert

Sellers

• Legal Advisor – Depardieu: Jean-François Pourdieu, Hugues de Fouchier, Matthieu Candia
• Personal Lawyers for Mr. & Mrs. Persenda – Delpeyroux: Patrick Delpeyroux
• Personal Lawyers for Mrs. Persenda – BDGS: Lucile Gaillard
• Legal Advisor for Orfite – TAJ: Antoine Larcena
• Management Advisor – Coruscans: Frédéric Balochard
• Commercial Due Diligence – Advancy: Florent Chapuis, Pierre-Olivier Petit
• Financial Due Diligence – KPMG
• Legal, Tax, Social Due Diligence – KPMG
• Environmental Due Diligence – Aecom

Contacts

Groupe SPHERE Communication Department

Marielle Cayron-His – m.cayron@sphere.eu

Emmanuelle Messean – e.messean@sphere.eu

Akkanto Agency

Carmen Borissova – carmen.borissova@akkanto.fr

Hivest Capital Partners

Alexandre Levavasseur – alexandre@hivestcapital.com