The deal, the third made by Fedrigoni since it was itself acquired by Bain Capital three years ago, was completed last Thursday (3 December).

Industrial Papelera Venus is headquartered in Mexico City and develops, produces and distributes self-adhesive materials. The 100-staff company has a turnover of around $18m (£13.4m).

Verona-based Fedrigoni said the deal further strengthens its position as third in the world in the pressure sensitive labels sector with the Arconvert, Manter and Ritrama brands.

“This move is in line with our growth strategy in the increasingly promising self-adhesive labels sector, which also includes the recent acquisition of Ritrama, and is consistent with our plan to diversify our market penetration geographically,” said Fedrigoni Group chief executive Marco Nespolo.

“The new entry will allow us to increase our production capacity, broaden our offer, create favourable procurement synergies, reinforce our presence in Central and South America and expand our market in the southern USA, areas we are very interested in.”

Along with many plants in Italy and Spain, Fedrigoni already has production sites in China, Chile and Brazil.

“We have seen our Pressure Sensitive Labels division being fundamental to support the entire supply chain of health and essential necessities in this Covid-19 worldwide crisis,” said Nespolo.

“This division is increasingly competitive and extensive in a sector that is continually expanding at a global level.”

Industrial Papelera Venus said the deal would enable it to grow and improve in quality.

During the process, Fedrigoni worked with KPMG as M&A and financial advisors, Latham & Watkins as M&A legal advisors, Pirola Pennuto Zei for fiscal matters, and González Calvillo for legal due diligence.

Founded in 1888, Fedrigoni employs 4,000 staff globally and distributes to 130 countries. Its 2019 turnover was €1.17bn (£1.05bn), a figure that excluded Ritrama, which had not yet been formally acquired.