13. Mar 2023

Bio-On is back, saved by the Maip group

Bio-On is back, saved by the Maip group

The proposal for a bankruptcy arrangement for the acquisition of all Bio-On assets presented by GRUPPO MAIP has been approved by the Court of Bologna, having received consent from the trustees and creditors.

The offer was submitted by HARUKI Spa, controlled by MAIP Compounding Srl and Plastotecnica Srl (for a 75% and 25% respectively); both companies belong to MAIP Group.

Following the approval of the Court of Bologna, the full transfer of assets of the Company will materialize within technical time frames. Haruki SpA will be endowed with an initial asset of about € 20.000.000 to guarantee the execution of the composition proposal and to allow the full restart of operations of the company based in Castel San Pietro.

The five-year plan proposed by MAIP Group will allow to quickly re-launch the innovative production technology of PHA (which derives from agricultural waste or agro-industrial by-products, such as sugar cane, beet, glycerol from biodiesel), which was developed by Bio-On from 2008 to 2019 and still stands at the forefront worldwide.

Thanks to its fifty-years know-how in the tech-polymers’ market and its advanced experience in the "compounding" of all types of plastics, MAIP Group strongly believes in the relaunch of Bio-On.

The synergistic advantages of the operation at an industrial and strategic level are quite obvious, considering both Bio-On's leadership position in the production of PHA powder and the unique know-how of MAIP Group. The latter, in fact, benefits of over 12 years of research, in the production of PHA based compounds, customized to the needs of the individual customers.

With this deal, Italy becomes a center of excellence worldwide in the production of PHA, the most interesting biopolymer on the market today.

PHA is a natural polymer, like our skin or hair, created by nature and for nature as it is biodegradable in any condition, in any environment. It is NOT a plastic, but it may be transformed and worked with all plastic technologies.

Thanks to its unique and superior performance, PHA sits at the forefront in the field of biopolymers. Bio materials are expected to have an impressive progress in the next 30 years and PHA, in particular, is expected to experience a significant growth globally in the next 5 years.

"Thanks to this deal and the important synergies it allows - Chairman Eligio Martini stated- MAIP Group, expands its value chain and accelerates the production of sustainable products with high technological value. To ensure the success of the operation, we asked Marco Astorri to collaborate with us as we believe that his experience and skills are absolutely critical for the relaunch of Bio-On. Our goal is to offer the market an excellent portfolio of unique and innovative materials with few equals worldwide; it will rely on over 500 formulations based on polyhydroxyalkanoates (PHA), in powder and granules.”

"Haruki and MAIP Group were supported for this transaction by BonelliErede, with a team led by partner Marco Arato - leader of the Focus Team on Corporate Crisis and Debt Restructuring - supported by associate Federico Sacchi.

Financial and accounting assistance was provided by Studio Rinaldi, whose team included partners Paolo Rinaldi and Alessandro Savoia.
Pavesio and Associates with Negri Clementi - in the person of partner Gabriele Fagnano - and Studio Giubbilei Pantaleo - in the person of partner Marco Giubbilei -, also assisted in the transaction."


(Top-Photo: bioplastics MAGAZINE 2018, other photos: MAIP)

Bio-on / MAIP

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