Tokyo - [March 24], 2025 – TOPPAN Holdings Inc. (TYO: 7911) (TOPPAN Holdings) subsidiary TOPPAN Speciality Films Private Limited (TSF), based in India, has entered into a definitive agreement to acquire 80% of the issued shares of Irplast S.p.A. (Irplast), an Italian based high-performance BOPP film manufacturer, from the current majority shareholder, British-based investment fund Cheyne Strategic Value Credit (SVC).
Irplast is a leading manufacturer of high-performance BOPP films, using simultaneous biaxial orientation technology to offer superior transparency, durability, and processability, contributing to reduced environmental impact and improved recyclability and delivering products widely used in various fields, including packaging and labels for food, personal and home care.
Leveraging its extensive experience and technological expertise in the printing and packaging sectors, the TOPPAN Group will integrate Irplast's advanced manufacturing technologies for high-performance BOPP films to develop and deliver innovative solutions that meet various customer needs. Furthermore, this acquisition aligns with the TOPPAN Group's strategic goals of realizing a sustainable society.
“This acquisition represents a significant step forward in TOPPAN's business growth and technological innovation in the film business. By incorporating the advanced technologies and expertise of Irplast, we are confident that we can further enhance our sustainable solutions,” said Hiroshi Suzuki, Executive Officer of the TOPPAN Group leading the global film business. “TOPPAN remains committed to contributing to society through the pursuit of sustainable value creation and customer satisfaction.”
Advisers
The professional team supporting Cheyne Strategic Value Credit (SVC) in the divestiture process includes the advisor Houlihan Lokey and the international law firm Chiomenti, while Irplast's management was assisted by the law firm BonelliErede. In the acquisition process, the TOPPAN Group was advised by EY India as the buy-side investment banker while for due diligence they were assisted by KPMG and the law firms Bird & Bird and SAM & Co.
About the TOPPAN Group
Established in Tokyo in 1900, the TOPPAN Group is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. The TOPPAN Group’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals.
https://www.holdings.toppan.com/en/
https://www.linkedin.com/company/toppan/
About TOPPAN Speciality Films
Founded in 1990, TOPPAN Speciality Films Pvt. Ltd. (TSF) has since grown into a leading supplier of specialty & sustainable packaging. TSF was formerly known as Max Speciality Films and became a subsidiary of TOPPAN in 2022. TSF manufactures a vast range of PP films. The films have gained global recognition and acceptance across a wide field of applications: graphic art, labeling, and flexible packaging for processed foods, confectionery, non-food fast moving consumer goods (FMCG) and industrial goods. TSF is a leading solution provider across the globe for brands’ and converters’ commitment towards sustainability.
https://toppan-specialityfilms.com/
https://www.linkedin.com/company/toppan-specilaityfilms/
About Irplast
Irplast is an established producer of biaxially oriented polypropylene films (BOPP), some of which are converted internally for roll-fed wrap-around labels (for the food, beverage, dairy, personal & home care markets), for printed adhesive tapes and multipack solutions. The company has developed a unique know-how in the design and production of innovative and customized BOPP films. First in Europe to engineer and install a simultaneous stretching Bruckner-LISIM line for the production of BOPP films for flexible packaging, nowadays Irplast delivers on very serious commitments to innovation and sustainability.
https://www.irplast.com/
https://www.linkedin.com/company/irplast-spa/
