2019–2021: Focusing on Core Business and Reorganization

When Blue Cap AG acquired con-pearl in August 2019, the company was in a performance crisis due to an overly broad product portfolio with limited synergies. However, the value creation potentials identified during the due diligence process offered numerous starting points for a comprehensive transformation.

Shortly after the acquisition, Blue Cap and the new con-pearl management developed a growth plan focusing on the core business and reducing complexity. The strategic objective was to bring the hollow chamber board – with its outstanding properties such as flexibility, durability, light weight, and high recycling content – into additional applications and to offer complete systems on the market, beyond the role of a supplier.

Unprofitable activities such as the production of trunk mats and injection-molded parts for the automotive industry were discontinued. At the same time, the company restructured its processes at its Geismar headquarters. Sales activities were deliberately strengthened to open up new customer segments.

2022–2024: Expanding the Logistics Business and Entering the U.S. Market

In the following years, the focus was on greater diversification across customer industries and regions. The logistics segment benefited particularly during the COVID-19 pandemic from the accelerated shift of retail towards e-commerce.
A milestone of recent years was the successful expansion into the U.S. market. With only a few comparable product providers, the market offered strong potential. At the same time, customers increasingly recognized con-pearl’s expertise in sustainability. This provided the company not only with a competitive advantage but also with a strengthened position in a market that places growing emphasis on resource-efficient and circular solutions. The full recyclability of its products allows the company to process used items in its own facilities and convert them into new products. This also ensures a minimal use of raw materials, which has proven particularly valuable in times of resource scarcity and price increases at all levels.

2025: Current Developments and Exit

The transformation measures implemented led to a return to a profitable growth path, which continued into this year. In the first half of 2025, the company benefited from a stable order book and positive margin development. As part of the regular portfolio review under our best-owner approach, the decision was made that an appropriate exit point had been reached.

In the coming years, further customer industries and regional markets are to be developed – for these steps, Inteplast Group Corporation is the ideal new owner: as a strategic investor, Inteplast already has structures and synergies in place that can optimally support con-pearl’s further development.

The total proceeds (before taxes) from the sale amount to a high double-digit million figure, more than 10% above the Net Asset Value as of December 31, 2024. The transaction corresponds to an annual internal rate of return (IRR) of around 60% and represents a multiple of around 15x on invested capital.

We wish both companies all the best for their shared future.

About con-pearl

The value creation process at con-pearl begins with the sourcing of raw materials at the company’s own recycling facility. Here, plastic granules are produced from post-industrial polypropylene and polyethylene waste. These granules are either processed to meet customer-specific requirements and sold directly as high-quality recyclate or used in the company’s main production facility. Further along the value chain, con-pearl specializes in manufacturing thermally laminated polypropylene hollow-core sheets. These sheets serve a wide range of applications in its two primary customer industries: In the automotive sector, they are used as load floors, sidewall claddings, and trunk floors in vans and buses. For the logistics industry, con-pearl develops and manufactures customized, reusable transport and storage packaging.