Stellum Growth takes majority stake in Basque parts maker Walter Pack via capital increase

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Walter Pack, a company in Igorre, Biscay, that makes decorative plastic parts which also do things, has a new majority owner. Stellum Capital's Stellum Growth I fund took control through a capital increase, joined by EZTEN II and by the Provincial Council of Bizkaia, which invested through its public company Seed Capital Bizkaia. Antolin, the previous shareholder, leaves as part of the deal. No amount was given.

The Bernar family founded Walter Pack in 1992. It stays on as a shareholder and keeps running the business, so the people in charge stay the same and the cap table changes around them. The company has more than 450 staff and plants in Spain and Mexico. It supplies carmakers, white goods brands and consumer electronics makers, using techniques such as IMD, IMF, IME and thermoforming to put decoration and electronics into plastic parts. It says the fresh money will fund growth abroad and more production capacity, and it aims to double sales to over €100 million by 2029. CEO Miguel Bernar said the company enters this phase with "the largest order book in our history."

This is Stellum Growth I's ninth investment. The fund invests in the Basque Country and Navarre. EZTEN II is a €50 million Basque Government fund set up to help the region's industry grow larger, which a capital increase at a parts maker does in a fairly literal way. PwC and Argali advised Walter Pack, and EY carried out the due diligence.