
Financing a sustainable future in packaging
Deutsche Bank’s support for Quadpack illustrates why complex financing arrangements depend on building a deep understanding of a business – and its leadership
When Quadpack acquired German manufacturer Louvrette in 2019, it seemed like the only way was up. The company had recovered from major flooding at one of its key factories in Spain the previous year and was now among the top 10 cosmetic packaging providers in Europe.
Critically, it had acquired a facility that would support its transition from a sourcing company to a manufacturer, increasing the percentage of products made in-house to almost one-third of its sales.
Then came the COVID-19 pandemic and, like so many other businesses worldwide, Quadpack faced falling revenues at just the moment it had taken on significant extra debt. Co-founder Tim Eaves gave his word to his 700 staff that he would support them through the crisis, but keeping this promise stretched the company’s finances. The world finally got back to business, but one of Quadpack’s Spanish banks withdrew its support. Suddenly, the company’s growth strategy – which had been so achievable just a few years’ earlier – was in jeopardy.
How Deutsche Bank stepped in to help Quadpack recover from COVID-19
“When we found out that Quadpack needed our assistance, we were only too glad to help,” says Francisco Lopera, Head of Midcaps Coverage of Business Banking at PB Deutsche Bank in Spain. “This was a business that was fundamentally strong. It just needed a banking partner that was comfortable with complexity, and that was prepared to take the time to get to know its leadership and build a deep understanding of their needs.”
Lopera explains that it can be difficult for local banks operating in single countries to assess the potential risks and opportunities associated with a complex and ambitious company that operates internationally. Quadpack was founded as a merger between three companies in Spain, France and the UK, and now has facilities in nine countries worldwide, with a listing on the Euronext Growth stock exchange in Paris. As a global, universal bank, Deutsche Bank was able to embrace this complexity and use its expertise in risk analysis and structured financing to find a solution that would put Quadpack back on track. In 2023, it acted as lead arranger and agent for a new financing deal for the company worth 38 million euros, as part of a syndicate of leading international and regional banks.
As well as funding capital expenditure, the deal allowed the Group to settle loans related to the acquisition of Louvrette, and to accelerate its repayment of borrowing incurred during the COVID-19 pandemic.
“This agreement demonstrates how collaboration between banks and businesses can lead to highly tailored solutions that support a company’s strategy and growth,” says Toni Martinez Saez, a member of the Structured Finance Team at Deutsche Bank in Spain. “Quadpack has strong ambition to grow and we are pleased to be able to help them on their journey.”
Why entrepreneurs can benefit from getting to know their banker
With Quadpack now on a more sustainable footing, Lopera is now in a better position to focus on the individual and family needs of its executives. “Our Bank for Entrepreneurs offering is designed for precisely this kind of situation,” he explains. It combines our capabilities in Wealth Management and Business Banking with those of our Corporate Bank and Investment Bank, making them accessible via one point of contact.
“If you’re leading a complex company in multiple countries then your business and personal finances can be highly interdependent,” Lopera says. “So it makes sense to manage them holistically. The more I talk to Tim about his ambitions in both work and family life, the more I can find ways to make his journey easier.”

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