Productora Cartonera Procarsa & Surpapelcorp

Debt : October 2020

BIO has provided a USD 8 M loan to Procarsa & Surpapel, two sister companies in Ecuador involved in the production of cardboard boxes.

Amount

€ 7,121,232.00

Type of investment

Debt

Development impacts

Local economic growth
Promotion of ESG best practices

Beneficiary locations

Latin America and Caribbean: Ecuador

Investment field

Enterprises

Activity

Manufacturing of paper products

Organisation

Productora Cartonera Procarsa & Surpapelcorp

Website

http://procarsa.com.ec/about-us.html

Domicile

Ecuador

Productora Cartonera SA (Procarsa ) is a mature cardboard box manufacturer leader in the country, selling to food producers (>65% to banana exporters) in Ecuador.

Surpapelcorp SA (SPC) is one of the biggest paper mills in Ecuador, providing Procarsa with (recycled) paper rolls.

BIO's investment is part of a syndicated corporate loan (USD82.5M), led by Cordiant Capital, together with FinnFund (The Finish DFI) and Trilinc Global.

Development impacts

Local economic growth
Leading player supplying to the 2nd most important export markets (banana), while simultaneously limiting import of raw material (recycled paper, paper rolls) via its own paper mill and recycling network (15 recycling centers with >5,500 recyclers) substituting imported paper rolls (>USD200m over the last 4 years);
Promotion of ESG best practices
More than 65% of SPC’s raw material are recycled paper/cardboard via Repapers (100% daughter). Also, the company is committed to continue and reinforce a responsible recycled paper supply chain in Ecuador.

The company has implemented measures for reduction of water/fuel/steam loss.