Carlyle buys Grupo Garnica Plywood from ICG

• Grupo Garnica Plywood is a global manufacturer of premium plywood products
• The investment will aim to drive the group’s growth in premium markets while expanding its product range and end markets
• Carlyle will seek out opportunities for strategic M&A to strengthen the group

Carlyle announced on Thursday that it has agreed to buy Grupo Garnica Plywood from ICG and other shareholders. The group is a global manufacturer of premium plywood products for decorative and structural applications across a variety of end markets.

The Garnica family and the group’s management team will retain a stake in the business as part of the deal, which is expected to close by early 2023. Garnica, headquartered in La Rioja, Spain, has over 1,200 employees and sells its products in over 50 countries to more than 600 customers. The group has seven production facilities located in the main poplar and pine basins across Europe.

The backing of Carlyle will see the firm support Garnica’s growth while expanding its product range and end markets. Carlyle will also seek out opportunities for strategic M&A. Equity for the investment will be provided by Carlyle Europe Partners V, Carlyle’s €6.4 billion fund investing in European opportunities across a range of sectors and industries.

The seller, ICG, is a London-headquartered investment firm that has assets under management of €71.3 billion as of 30 June. It invests across private equity, credit and real assets with offices globally.

Carlyle is headquartered in Washington, DC.