Global investment firm Carlyle has agreed to acquire a majority stake in Grupo Garnica Plywood, S.A., a leading global manufacturer of premium plywood solutions, from ICG and certain shareholders, some of whom will retain a stake in the business, including the Garnica family and the management team. The transaction is subject to customary regulatory approvals and is expected to close by early 2023.
Carlyle will partner with the Garnica family and the management team led by Christian Michel to support the business through its next stage of development by investing to drive growth in premium markets, expanding its product range and end markets, maintaining and extending Garnica’s innovation and R&D leadership, and seeking out opportunities for transformational strategic investments.
Pedro Garnica, Founder and President of Garnica, said: “From its origins as a sawmill, Garnica has transformed into a global leader in the development of best-in-class plywood solutions. I would like to thank ICG for their support over the past six years during a period of significant change for our business. Moving forward, we are delighted to announce this partnership with Carlyle, with its outstanding track record of working with and growing leading Spanish businesses, as we look to the next chapter of Garnica’s growth by further internationalizing the business and looking to unlock more growth through strategic investments.”
Founded in 1941 and headquartered in La Rioja, Spain, Garnica manufactures a range of premium plywood solutions. Garnica has over 1,200 employees, sales in over 50 countries to more than 600 customers, 25 sales agents worldwide, and a strong and unique manufacturing footprint with seven production facilities located in the main poplar and pine basins across Europe.
