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Velvet CARE sees 2023 sales rising to around €335 million as Partners Group completes acquisition


Klucze, Poland, March 5 2024 – Velvet CARE, Central Europe’s fastest-growing consumer tissue producer, said its 2023 sales grew to around PLN 1.5 billion (€335 million), confirming its solid growth trajectory as Partners Group, a leading global private markets firm, completed its earlier announced acquisition of the company.

Velvet CARE saw growth both in exports and on Poland’s domestic market, and across the company’s product portfolio, including branded products and manufacturing of private-label products for retailers. Record sales from the company’s Czech unit Moracell also contributed to the result.

Partners Group, which agreed in December to acquire Velvet CARE on behalf of its clients from Abris Capital Partners, has announced that it plans to use the company as a platform for expansion in Europe. The current management board, including CEO Artur Pielak, will remain in place, while Partners Group will appoint new supervisory board members.

“We’re extremely proud of our solid sales growth – for the 10th year in a row! ” Pielak said. “This is very special moment for us: a new partner, new opportunities and new ambitions, and we are excited to write the next chapter of Velvet CARE’s history. We’re looking forward to support from the new supervisory board members and the rest of the Partners Group team as we accelerate our growth, continuing to pursue our mission of building the Central European leader in this sector and seeking opportunities elsewhere on the continent.”

ESG highlights of 2023 for the company included certification in October as a B Corp, making Velvet CARE the first major European company in its industry to achieve the coveted status reflecting its environmental, social and governance priorities. Earlier Velvet CARE had earned a Gold Medal from EcoVadis, placing in the top 5% of rated companies on the scorecard measured by the world’s largest provider of business sustainability ratings.

Velvet CARE has reduced emissions and water usage per tonne of output by half since 2013, while increasing tissue production by four times.

The company plans to continue expanding its sales in Central Europe, by playing an active role in the further consolidation of the region’s hygiene tissue manufacturing market. Velvet CARE will also pursue organic growth, with plans including a fourth tissue machine at its main facility in Klucze, Poland.

Founded in 2013 and with roots stretching back more than a century, Velvet CARE is one of the largest manufacturers of hygiene tissue products in Central Europe, with about 900 employees in Poland and Czechia. The past five years have been marked by dynamic growth, driven by investment in top-class, proven production technology, infrastructure and automation, which allowed a significant increase in the scale of production.

Velvet CARE’s product portfolio includes toilet paper, paper towels, paper tissues and moist toilet paper. Its Velvet brand has enjoyed great popularity in Poland for the past 26 years, and the company also produces for private labels. Velvet CARE has two factories, in Klucze, Poland and Žabčice, Czechia, and sells its products on about 30 markets, mainly in Europe.

English-language media contact:
Paweł Kozłowski
Aldgate Strategy Group
+48 601 957 807