WARSAW - Ecowipes, the Poland-based manufacturer of biodegradable wet wipes, has been acquired by private equity firm Cornerstone Investment Management, and Kartesia, a European specialist financing provider.

Ecowipes products are renowned in the market for high pulp content in the wipes material, bringing down production costs significantly.

The Polish firm recently installed a a second carded/pulp line from Trützschler Nonwovens and Voith after the first line was deemed a great success due to surging end product demand from the company's international customers.

Announcing the deal, Tomasz Pietrzak, partner at Cornerstone Investment Management, said: “Our partnership with Ecowipes will mobilise the company to continue developing and offering ecologically clean consumer products. We are aligned in our commitment to investing in sustainable and environmentally conscious businesses. This partnership will enable us to take a significant step towards a more sustainable future.”

Gabriel Kermiche, CEO and co-investor at Ecowipes added: “Our co-operation with Cornerstone and Kartesia will allow us to leverage our strong position across Europe and provide us with the financial backing to introduce more innovations in the future. We call ourselves the Earthchangers, and this partnership will put us closer to achieving our primary environmental goal, to supply consumers with hygiene products made only from natural-based materials at a reasonable price.”

Ecowipes operates two factories in Europe producing wet wipes, hygiene buds and cosmetic pads. “The positive ecological impact of the company’s biodegradable staple products was one of the key factors that convinced us to enter this partnership," said Giuseppe Mirante, senior advisor at Kartesia.