An affiliate of Sun European Partners, LLP (“Sun European Partners” or “Sun European”), a leading private investment advisory firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announces that it has reached an agreement to sell Vetrerie Riunite Group (“VR Group”), including Vetrerie Riunite S.p.A. (“Vetrerie Riunite”) and Borromini S.r.l. (“Borromini”) to Teak Capital and Tangor Capital for an undisclosed sum. The proposed transaction is subject to customary regulatory approvals. The Novaref division of the VR Group is not included within the transaction perimeter.
Headquartered in Colognola ai Colli, Italy, VR Group is a global leader in glass windows for front-load household laundry appliances. The Group, founded in 1968, has long-standing relationships with all major international white goods and home appliance manufacturers. The Group is also specialized in the design and production of moulds for pressed glass and for plastic injection, especially for the automotive lighting sector.
Paul Daccus, Senior Managing Director at Sun European Partners, said: “VR Group is a remarkable business, spearheaded by an exceptional management team. In our partnership with the company since 2019, we diligently identified and pursued numerous operational opportunities, shaping VR Group’s trajectory for growth. Our collaboration underscores Sun European’s unwavering dedication to empowering exceptional management teams and fostering value creation. This successful sale not only marks a significant milestone for VR Group and our investors but also showcases our confidence in VR Group’s continued prosperity under its new investors.”
Davide Vassena, CEO of VR Group, added: “Our partnership with the Sun European team has been a great success. Our shared values and focus on delivering a customer-first strategy, combined with Sun European’s operational knowledge and deep manufacturing expertise have allowed us to transform and grow the business further. We look forward to partnering with Teak Capital and Tangor Capital, who also bring extensive experience and an impressive track record as investors and operators, and with whom we look forward to a new growth phase for VR Group.”
Carlos Moreira da Silva, Founder and Director of Teak Capital, said: “We are excited to announce our strategic investment in VR Group, a renowned market leader operating in a resilient sector with a strong global commercial presence. Aligned with VR Group’s management, we are dedicated to enhancing business expansion, including by focusing on continuous improvement of the Italian operations and expanding our footprint in China, which we believe are key to protect and strengthen the position of the VR Group as a global market leader. Our ambition is to contribute to further value creation in the Group’s development. We believe our industrial vocation makes as suitable investors to embrace that challenge.”
Rita Domingues, Managing Director of Tangor Capital, said: “We are confident that our expertise and resources will contribute significantly to the development of VR Group, positioning us as the ideal partners to tackle the challenges and opportunities that lie ahead. Together with the management team, we look forward to propelling VR Group to new heights of success.”
Sun European was advised by Rothschild, EY, Giliberti Triscornia e Associati, and Weil, Gotshal & Manges LLP. Teak Capital and Tangor Capital were advised by EY and Morais Leitão & Associados.
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VR Group is a global leader in the market of glass doors for washing machines and dryers and works with all major white good OEMs all over the world. Thanks to its entrepreneurial spirit, ability to innovate and dynamism it has over 50 years of experience in this sector. Further information on VR Group is available at: https://vetrerieriunite.it/en/.
Teak Capital is an investment company present in the industrial, financial, education and health sectors, owned by the Moreira da Silva Family. Tangor Capital is the Family Office of the Silva Domingues Family, with diversified investments in several sectors (including industrial, real estate and financial). Both companies invest in several sectors and asset classes with the main purpose of business development for long-term value creation. Amongst others, both Teak Capital and Tangor Capital hold shareholding interests in BA Glass, one of the leading glass packaging companies in Europe, and Cerealis, a reference in the Portuguese food sector.
