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[ Worthwhile projects: our deals explained by the protagonists ]

Reno De Medici, when circular vocation inspires growth

RDM Group acquires Eska with the support of the IMI Corporate & Investment Banking Division. An acquisition that strengthens the Group presence in the US and Continental Europe in products with high added value.
fruition time: 9 min

The Division confirms its vocation and its commitment to guiding companies along the growth and international expansion processes, emphasising sustainability as a key success factor on the markets.

Michele Sorrentino

Head of Network Italia, IMI Corporate & Investment Banking Division

We are proud to have supported an excellence in the Italian mid-cap segment in consolidating its international presence.

Marco Perelli-Rocco

Head of M&A, IMI Corporate & Investment Banking Division

This transaction is consistent with our growth strategy: it offers us new development opportunities on a broader geographical scale, reinforcing the resilience of our Group performances.

Michele Bianchi

CEO of RDM Group


Reno de Medici S.p.A., at the time of the transaction listed on the Milan and Madrid stock exchanges, is the the leading producer in the recycled cartonboard business and the largest producer in Italy, France, The Netherlands and in the Iberian Peninsula.
The Company's strategy is focused on production optimisation and on refocusing the corporate business, with the discontinuation of the virgin fibre production segment and the strengthening of its positioning in the recycled fibre segment, through a continuous growth process by means of extraordinary transactions (M&A).


The acquisition of the entirety of the share capital of Fineska BV, the Dutch holding company of the Eska group, was completed on 13 July 2021. Its aim was to develop RDM Group’s business with a broader geographic perspective by strengthening the resilience of the Group's performance, as part of the more comprehensive 100% circular production project with the use of recycled paper. The Enterprise Value of the transaction amounted to EUR 155M.




Intesa Sanpaolo acted as Sole Financial Advisor to Reno De Medici and supported the Group with an acquisition facility characterised by a reward mechanism based on sustainability KPIs.

Reno De Medici has therefore been supported by Intesa Sanpaolo in a concrete and proactive way throughout all the stages of this important part of its growth path.


  • Understanding of the client's strategic project
    The relationship coverage network, through its highly specialised origination teams, and the Division's product specialists, following an in-depth analysis of the context and status of the clients' business, identify and propose strategic projects of potential interest for their next development plans.
  • Circular Vocation
    Commitment to supporting the industrial transition towards circular logics by guiding companies along their structural change process in order to consolidate their competitive character.
  • Product innovation
    Product innovation is one of the pillars of the IMI Corporate & Investment Banking Division, since it allows the wider application of complex strategies and their association with incentive systems that aim for excellence through the implementation of circular policies.
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