EU clears Caiba-Nosoplas merger with shared PET packaging, rPET ownership in Spain

SPAIN – The European Commission has approved the combination of Spanish packaging groups Caiba and Nosoplas under joint control of Portobello Capital Fondo IV, Cobega and Sonab, finding no competition concerns as the merged entity will operate across PET preforms, containers and recycled PET resin.

The transaction, formally notified to the Commission, creates a vertically integrated packaging player in Spain. 

The EC concluded that the impact of the deal on the relevant markets would be limited, stating that the notified transaction would not raise competition concerns given its limited impact on competition in the markets where the companies are active.

Market Positions and Complementary Activities

Caiba produces PET preforms and containers, with the bulk of its sales in Spain while also supplying customers in other European Economic Area (EEA) markets. 

Nosoplas manufactures recycled PET (rPET) resin and PET preforms, with its main business also concentrated in Spain and a smaller commercial footprint in the rest of the EEA. 

Under the arrangement, Portobello Capital Fondo IV, Cobega and Sonab will exercise joint control over the new entity. 

Portobello is an investment fund with holdings across a number of sectors. 

Cobega is the parent company of a group active in Coca-Cola bottling and beverage distribution in Spain. Sonab is an investment and property holding company.

Vertical Integration and the Growing Role of rPET

The merger creates a vertically integrated entity spanning the entire PET value chain in Spain, from rPET production to preform manufacturing and container production. 

Caiba, founded in 1986 and headquartered near Valencia, has a production capacity of 70,000 tonnes of preforms and 50,000 tonnes of PET containers annually, operating three facilities in Spain. 

Nosoplas, established in 1996 and based in Galicia, operates 43,000 tonnes of annual rPET production capacity and produces food-contact recycled material from post-consumer PET bottles sourced exclusively from the EU. 

The integration of recycled resin production with packaging manufacturing reflects the growing strategic importance of rPET as brand owners increase recycled content in bottles and containers while regulatory requirements create additional demand for verified secondary polymers. 

Nosoplas is the only Spanish producer of food-grade rPET, and Caiba is a leading Spanish manufacturer of PET preforms and containers, making the merger a significant consolidation in the Spanish packaging market. 

With EU clearance secured, the merger will bring together complementary activities across the PET packaging chain, strengthening the companies’ ability to serve Spanish and European customers as recycled content, supply security and circular material flows become increasingly important factors in PET packaging procurement.

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