Origination

Fedrigoni was a multi-generational, family-owned Italian company known for its paper and packaging solutions. Bain Capital’s investment started in 2018, originating from a long-standing relationship with the founding family and supported by deep sector expertise in advanced materials and industrial transformation. Our objective was to honor the company’s 130-year legacy while unlocking its next phase of growth. Reflecting their confidence in the shared vision, the Fedrigoni family retained a 10% minority stake, ensuring continuity as the business embarked on its transformation journey.

Opportunity and investment

At the time of investment, Fedrigoni was widely recognized as a traditional paper manufacturer with a complex portfolio of commodity products. We saw a company with a strong foundation, world-class craftsmanship, and vast untapped potential, and seized an opportunity to reorient Fedrigoni toward high-value, sustainable packaging and labeling solutions, driving growth across global premium segments.

Value creation

We have worked with Fedrigoni to drive significant operational, commercial, and strategic progress.

• Leadership and operational transformation: A full management reset brought in new talent and operational discipline. We collaborated with management to achieve more than €80 million in procurement and efficiency gains across 2023 and 2024.¹Fedrigoni data as of August 31, 2025.
• Strategic growth and portfolio focus: Fedrigoni expanded market share in labels by over five percentage points and reignited its packaging division by capitalizing on the “plastic to paper” trend. The company made 16 strategic acquisitions and divested non-core operations, including its commodity security business, repositioning over 90% of its portfolio toward high-value niches.
• Sustainable growth and continued partnership: In 2022, we sold co-control to BC Partners following a highly competitive auction, while remaining invested to continue driving long-term value creation. This partnership reflects our conviction in Fedrigoni’s enduring potential and its role as a consolidator in the premium packaging and label sector.

Fedrigoni is now a global leader in sustainable premium packaging and labeling materials, guided by an industry-leading management team and positioned to capture new opportunities in areas such as RFID and digital labeling. We continue to support the company’s ambition to deliver innovative, sustainable solutions for the world’s leading luxury and consumer brands.

“Partnering with Bain Capital has been transformational for Fedrigoni. Together, we have revitalized the company—from reshaping our portfolio and driving international expansion to embedding sustainability at the heart of our strategy. Today, Fedrigoni stands as a global leader in premium packaging and labels, ready to capture the next wave of growth opportunities.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Marco Nespolo / CEO / Fedrigoni

“Our journey with Fedrigoni has been about unlocking potential—transforming a historic paper company into a global leader in premium packaging and labels. We are proud of the remarkable progress achieved by Marco and his team, and we look forward to continuing to support Fedrigoni’s ambition of delivering innovative, sustainable solutions to leading luxury and consumer brands worldwide.”

Ivano Sessa / Partner / Bain Capital