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Manufacturer of backsheets for hygiene and sanitary products

Type of Operation



Portobello Fund IV & Portobello Coinvestment

Investment date

December 2020


Manufacturer of backsheets for hygiene and sanitary products

Poligof is one of the leading manufacturers of backsheet films in Europe, a semi-finished product primarily used for adult incontinence products and baby diapers.

Founded in 1979, Poligof is headquartered in Lodi (Italy) and has a strong international presence. The Company operates four facilities across Italy, India and Russia and has nearly 420 employees. Poligof serves a loyal customer base of blue-chip clients thanks to an attractive value proposition based on an extensive and customized product portfolio coupled with a strong customer service (e.g., quality standards and lead times)

Why did we invest in Poligof?

  • Leading producer of backsheet films in Europe, a niche sector characterised by stable competitive dynamics
  • Positive tailwind thanks to secular growth of adult incontinence segment
  • Resilient business (unaffected by macro) and strong cash generation
  • Well positioned to increase market share in current markets and penetrate new geographies
  • Possibility to capture additional opportunities within the hygiene and sanitary markets
  • Best-in-class and experienced management team, strongly committed to the project