Completed on Wednesday (16 February), the deal marks Fedrigoni’s fifth deal in the space in the last two years after it snapped up Italian company Ritrama, Mexican business Industria Papelera Venus, US manufacturer and distributor Acucote, and Ri-Mark, one of the main distributors in Mexico, of which it already held 30%.

Headquartered in Derio, around six miles from Bilbao, Divipa develops, manufactures, and distributes self-adhesive materials. It had an estimated turnover of €24m (£20m) in 2021 and employs around 50 staff.

The business was founded in 1971 by the Alvaro family, which has transferred 100% of the capital to Fedrigoni but some of its members will remain in the management team.

Fedrigoni said the deal would increase its production capacity and create numerous synergies in production and procurement.

“The entry of Divipa into the group is a new milestone in our growth path in the world of self-adhesive materials,” said Fedrigoni Group CEO Marco Nespolo.

“We have not taken one step backwards in moving our strategic plan forward: broadening the offer in attractive segments and expanding our global presence, also via targeted acquisitions, to obtain a direct stronghold in all the main geographical markets. We extend a welcome to our Divipa colleagues who are joining our 4,000 people.”

Divipa founder Jaime Alvaro Alvaro added: “The Fedrigoni Group is a solid industrial reality expanding strongly at an international level, with ambitious development goals.

“I am pleased that my company and my people are becoming part of it, I am confident they will find the right ground to grow and consolidate significantly in the next few years.”

Founded in 1888, Fedrigoni offers 25,000 products and distributes to more than 130 countries.