BEWi Group

Establishing European market leadership and creating the first recyclable thermoplastic foam

About BEWi

BEWi Group AB is one of the leading producers of expandable polystyrene (EPS) in Europe, bringing to market more than 10 million fish boxes every year, as well as EPS packaging for food, pharmaceuticals, e-commerce, automotive components, thermal insulation for the construction industry, raw material EPS beads, and much more. The Group holds market leadership positions for its solutions for Packaging & Components and Insulation in several European countries. By managing the entire chain from raw material to finished product, BEWi Group can close the loop and lead the change towards sustainability in the EPS business, with the aim of being the most CO2-efficient supplier of insulation, packaging and components, automotive and HVAC solutions. Since 2018, BEWi has executed five acquisitions through BEWi Circular to create a circular business model, successfully pioneering the EPS industry’s sustainability development with a goal of over 60 000 tonnes of EPS recycled annually.

Investment rationale

Verdane acquired StyroChem, which was merged with BEWi in 2014, as part of a large portfolio transaction with Finland-based technology investor Eqvitec. The European EPS building & construction, protective packaging and food packaging markets were (and still are) expected to grow steadily, driven by factors that include population growth and rise of e-commerce. The EPS production market has high barriers to entry due to large investment requirements for initial establishment, a tradition of long-standing customer relationships, local footprint and broad nationwide coverage requirements and a need for large customers to enable sufficient scale.




BEWi launched the world’s first 100% recycled EPS in 2019, and aims to be the most CO2-efficient supplier of insulation, packaging and components, automotive and HVAC solutions.

During 2021, BEWi Circular expects to reach a recycling capacity of 60 000 tonnes of EPS annually, while leading the industry’s transition to a circular business model.




Value creation initiatives

Verdane acquired StyroChem, a Finnish producer of EPS, in 2011. Setting out on an ambitious M&A-driven expansion program to achieve scale and integrate the company’s business throughout the EPS value chain, StyroChem entered a merger with Norway-based fish box manufacturing business BEWi in 2014. In connection to the merger, the new BEWi Group acquired two more packaging businesses based in Denmark and Sweden from DS Smith, establishing BEWi Group as a significant player in the Scandinavian EPS market for building insulation and packaging with access to the entire production chain from, from raw material to finished product.


Following a number of further acquisitions, BEWi acquired  Holding B.V, an industry peer with operations across Northern Europe and Portugal, in 2018 and changed its name to BEWi Group. Supported by Verdane and other owners, the Group has since continued its structured M&A program to strengthen its product and geographic leadership as well as lead the EPS industry’s transition to a circular business model. In 2018 the Group launched BEWi Circular, responsible for collecting and recycling EPS material for the Group, and in 2019 it both launched the world’s first 100% recycled EPS and acquired two recycling businesses, in Belgium and Denmark. On August 28, 2020, BEWi Group led a successful IPO on the Oslo Stock Exchange-operated Merkur Market.