The company will have a parallel support from BNP Paribas Polska, the EBRD said. The financing is part of a wider investment program that includes the expansion of production facilities. The EBRD will also provide grant financing for an assessment of the potential to produce tissue from recycled fibres.
Velvet Care is a market leader in Poland with main products such as toilet paper, paper towels and various tissue products. It is owned by Abris Capital Partners, a private equity fund active in Central and Eastern Europe.
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