Productora Cartonera SA (Procarsa ) is a mature cardboard box manufacturer leader in the country, selling to food producers (>65% to banana exporters) in Ecuador.
Surpapelcorp SA (SPC) is one of the biggest paper mills in Ecuador, providing Procarsa with (recycled) paper rolls.
BIO's investment is part of a syndicated corporate loan (USD82.5M), led by Cordiant Capital, together with FinnFund (The Finish DFI) and Trilinc Global.
Leading player supplying to the 2nd most important export markets (banana), while simultaneously limiting import of raw material (recycled paper, paper rolls) via its own paper mill and recycling network (15 recycling centers with >5,500 recyclers) substituting imported paper rolls (>USD200m over the last 4 years);
More than 65% of SPC’s raw material are recycled paper/cardboard via Repapers (100% daughter). Also, the company is committed to continue and reinforce a responsible recycled paper supply chain in Ecuador.
The company has implemented measures for reduction of water/fuel/steam loss.
Location: Ecuador, Guayas, Guayaquil