RDM Group

What RDM Group does

RDM Group (legal entity Reno De Medici S.p.A.) is a Milan-headquartered, publicly listed producer of recycled-fibre cartonboard for packaging applications, owned by Apollo Funds since the Q4 2021 take-private from Cascades Inc. The company manufactures two principal product families — White-Lined Chipboard (WLC) such as VINCICOAT, VINCIBRIGHT, SERVIBOARD, SYROS, TRIPLEX, and VINCIFLEXO, and Solid Board under the OVARO and Eska brands — across 8 mills in Italy, Sweden, Spain, Germany, and the Netherlands, with 4 sheeting centres (including a North American site in Suffolk, Virginia) and an annual production capacity of 1,118,000 tonnes. Innovation platforms such as Multiboard Barrier, the Dow-co-developed Multiboard CirculaRR, Vincicoat PLUS, and the Ecopol-co-developed Vincicoat Ecolaminate combine recycled cellulose fibre with thin PE or biodegradable PVOH barrier layers to deliver food-contact, recyclable packaging validated by ISCC PLUS, ISEGA, ISO 14001/9001/45001/50001, CEPI, and 4evergreen certifications.

RDM serves packaging converters and brand owners across roughly 70 countries, with primary segments in food packaging (frozen foods, dry pet food, fruit trays), consumer goods packaging (detergents, personal care, home appliances), luxury and specialty packaging (puzzles, games, displays), and publishing and graphic arts. Distribution is via direct sales offices in Milan, Warsaw, Düsseldorf, Budapest, Manchester, Neuilly-sur-Seine, Martorell, Praha, and Algés plus the sheeting-centre network, supported by technical customer service and the Paper Academy training programme.

The revenue model is industrial B2B: cartonboard is sold on quote-based, multi-year contracts priced by volume, specification, and relationship, with reported revenue of EUR 798 million (FY2023) at 964 kilotons of production, scaling toward 1,055 kilotons in 2025 at 1,118-kilotonne nameplate capacity. Apollo acquired the platform in 2021 alongside Eska Group and Paprinsa; the group refinanced via EUR 600 million Floating Rate Senior Secured Notes due 2029 in March 2024, but entered a Forbearance Agreement with bondholders in March 2026 over the March coupon as part of a recapitalisation amid challenging European paper market conditions.

Name

RDM Group

Legal name

Reno De Medici S.p.A.

Website

https://rdmgroup.com

Company type

Public

Founded year

1967

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

RDM Group (Reno De Medici S.p.A.) is a Milan-listed, Apollo Funds-owned European producer of recycled-fibre cartonboard (White-Lined Chipboard and Solid Board) serving packaging converters and brand owners in food, consumer goods, luxury, and publishing markets across 70 countries via 8 mills and 4 sheeting centres.

Ownership category

akta.pro rank

Product category

Recycled Cartonboard Manufacturing

NAICS

Paperboard Mills (32213)

SIC

Paperboard Mills (2631)

akta.pro primary industry

Recycled Paperboard & Containerboard (IMAMAKAG)

akta.pro secondary industry

Coated Recycled Board (CRB) Manufacturing (IMAMAFAE)

Keywords

• Recycled cartonboard
• Packaging board manufacturing
• White-lined chipboard
• Solid board packaging
• Fibre-based packaging materials

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices21 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Cartonboard Sales: RDM Group generates revenue primarily through the manufacture and sale of recycled cartonboard products including White-Lined Chipboard (WLC) and Solid Board. Products are sold directly to packaging converters and brand owners across Europe. Revenue reported at €798 million.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

RDM Group manufactures and sells recycled-fibre-based cartonboard (White-Lined Chipboard and Solid Board) for packaging applications, producing approximately 1.118 million tonnes annually across 8 mills and 4 sheeting centers in Europe and North America. The company supplies packaging converters and brand owners with coated, uncoated, barrier-coated, and specialty cartonboard grades serving food packaging, consumer goods, luxury packaging, and graphic arts end-uses.

Product overview

RDM Group operates as a single-platform business focused on recycled cartonboard manufacturing for packaging solutions. The portfolio is organized around two main product lines — White-Lined Chipboard (WLC) and Solid Board — spanning multiple brand families and grades. The core WLC range includes coated products (VINCICOAT, VINCIBRIGHT, SERVIBOARD, SYROS, TRIPLEX) and uncoated variants (VINCILINER, FLEXOLINER, SYROS UNCOATED) across grammages from 140 to 550 g/m², serving food, non-food, cosmetics, pharmacy, and industrial packaging applications. The Multiboard family (Barrier, CirculaRR) provides PE-coated solutions for frozen foods and barrier applications. Innovation products include Vincicoat PLUS (high-strength recycled board enabling 15–20% weight reduction) and Vincicoat Ecolaminate (PVOH barrier film laminate with Ecopol). Solid Board (OVARO brand) covers high-grammage grades for luxury packaging, displays, puzzles, and publishing. The company produces at 8 mills and 4 sheeting centres across Europe and the USA, all oriented around renewable, recyclable, and recycled cartonboard.

Differentiator

Problem solved

Functional benefit

Brands

• Vincicoat PLUS: New generation of coated recycled cartonboard designed to deliver increased strength while enabling meaningful packaging weight reduction, delivering 15-20% higher strength than standard WLC
• Multiboard Barrier
• Multiboard CirculaRR
• Vincicoat Ecolaminate
• Eska
• Fiskeby

Products and services

• Multiboard CirculaRR Plastic-coated fibre-based food packaging innovation made exclusively with recycled cartonboard and ISCC PLUS certified recycled polyethylene from advanced recycling. Designed for demanding food-contact applications such as frozen food, fruit trays, and dry pet food. Compatible with existing mixed paper recycling streams. Contains approximately 5% polyethylene by weight. Carries ISCC PLUS and ISEGA certifications and was independently assessed by 4evergreen as recyclable within paper recycling systems. Produced at Fiskeby mill in Sweden.
• Multiboard Barrier PE-coated version of Multiboard white-lined chipboard manufactured at the Fiskeby mill in Sweden. Made from 100% recycled fibres coated with polyethylene (3-5% by weight). Fully recyclable within paper recycling streams with 83% recycling rate. Used for hygroscopic products, frozen foods, and pet food packaging. Heat sealable for efficient conversion.
• Vincicoat PLUS New generation of coated recycled cartonboard delivering 15-20% higher strength than standard white-lined chipboard (WLC) while maintaining a minimum of 85% recycled fibre content. Enables packaging weight reductions of up to 20%. Available as a hard-sized option for frozen and humid applications. Engineered and produced at the Santa Giustina mill in Italy. Validated through external laboratory testing including box compression and top-load strength tests.
• Vincicoat Ecolaminate Coated recycled cartonboard combined with a biodegradable PVOH barrier film, developed in partnership with Ecopol. Enables recycled board to be used in sensitive food applications while remaining recyclable after use. Won the innovation Award at the 4evergreen Alliance Circularity Success Stories Awards.
• VINCICOAT Coated recycled cartonboard available in grammages 230-320 g/m². Suitable for applications including detergents and cleaning products, non-food, food industry, and beverages. Produced at the Villa Santa Lucia mill in Italy.
• VINCIBRIGHT Coated recycled cartonboard available in grammages 270-550 g/m². Suitable for applications including detergents and cleaning products, food industry, beverages, and pet food. Also available in a SPECIAL variant (320-450 g/m²) for chilled and frozen food, chocolate, dry food, and pastries.
• SERVIBOARD White-lined chipboard (GD2) in grammages 290-450 g/m². Broadly used across a wide range of end-uses including detergents, cleaning products, cosmetics, food industry, pharmacy, publishing, toys, and electrical appliances. Produced at the Santa Giustina mill in Italy.
• SYROS ESTUCADO Coated recycled cartonboard available in grammages 250-550 g/m². Used for applications including detergents and cleaning, non-food, food industry, boxes, dry food, toys, pharmacy, textile, trays, puzzles, and shoe boxes. Also available in GT2 variant for pet food and cosmetics applications.
• OVARO Solid board product line in various grades (GD, GT2, GK, UD) covering grammages from 320 to 950 g/m². Used for back covers, trays, boxes, shoe boxes, non-food, bookbinding, and display applications. Produced at the Ovaro mill in Italy.
• SYROS DUO BROWN Recycled cartonboard in grammages 250-500 g/m². Used for envelopes, boxes, toys, pharmacy, back covers, trays, cosmetics, detergents and cleaning, graphic arts, health and body care, special boards, electrical appliances, and publishing. Produced at the Paprinsa mill in Spain.
• Eska Solid Board Solid board brand produced by RDM Group's Eska facilities in the Netherlands (Hoogezand and Sappemeer). Used for luxury packaging, puzzles, games, displays, bookbinding, and publishing applications. Acquired as part of Eska Group acquisition in July 2021.
• Fiskeby Cartonboard Premium cartonboard brand from RDM Group's Swedish mill in Norrköping, recognized for producing the strongest recycled cartonboard in the industry. Produces Multiboard Barrier and Multiboard CirculaRR products. ISCC PLUS certified at the mill in April 2026.

Quantifiable outcome

• Carbon intensity reduced 20% to 0.397 tCO2e/tonne vs 2020 baseline
• +6 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• DowcoreStrategic or Co-development Partner · 27 April 2026RDM Group partnered with Dow, a global materials science company, to develop Multiboard CirculaRR - a breakthrough food packaging solution combining recycled cartonboard with Dow's advanced recycled polyethylene. The solution is food-contact compliant, designed for recyclability, and helps brands prepare for EU PPWR requirements. Dow provides circular polymer expertise and certified recycled plastic from advanced recycling through mass-balance chain of custody under ISCC PLUS.
• EcopolcoreStrategic or Co-development PartnerStrategic partnership with Ecopol to develop Vincicoat Ecolaminate - combining recycled cartonboard with biodegradable PVOH barrier film. This first-of-its-kind solution enables recycled board to be used in sensitive food applications while remaining recyclable after use.
• 4evergreen AlliancecoreStrategic or Co-development PartnerCross-industry alliance focused on improving circularity of fibre-based packaging. RDM Group participates in alliance activities and Multiboard CirculaRR was independently assessed using 4evergreen testing protocols confirming recyclability within paper recycling systems.
• Fibre Packaging Europe (FPE)flagshipOthersRDM Group CEO Michele Bianchi serves as President of Fibre Packaging Europe, the coalition bringing together seven European trade associations representing the entire fibre-based packaging value chain. FPE represents around 1,500 companies, 2,200 manufacturing sites, 365,000 employees, and EUR 120+ billion annual turnover. FPE advocates for harmonized Single Market and regulatory framework encouraging innovation, investment, and sustainability.
• Pro CartoncoreOthersEuropean Association of Carton and Cartonboard Manufacturers. RDM Group CEO Michele Bianchi serves as Chair of Pro Carton, which highlights how the cartonboard sector demonstrates industrial transformation through renewable energy use, process efficiency, and circular production models.
• European Paper Packaging Alliance (EPPA)coreOthersRDM Group participates as member of EPPA, hosting working visits at Paprinsa mill for EPPA delegations focused on sustainability, circularity, and industrial excellence. Exchange with public authorities on EU PPWR implementation.
• ComiecocoreOthersItalian consortium for paper and cardboard recovery and recycling. RDM Group participates in Paper Week educational initiatives promoted by Comieco, opening mills to students and citizens to demonstrate paper recycling value chain.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mondi plc: Vertically integrated paper and packaging group with significant European uncoated and kraft paper businesses that compete with RDM's recycled board in converter channels and increasingly in sustainable packaging.
• Cascades Inc. Canadian recycled containerboard and tissue producer; RDM's former parent. Operates European activities after divesting RDM to Apollo; provides a structural comparison point for a recycled-fiber-centric portfolio.
• Sappi Europe: European paper and packaging board producer with coated and uncoated ranges for printing, packaging and specialty applications. Overlaps with RDM in food-contact and graphics board and on circularity commitments.
• Stora Enso: Finnish-Swedish integrated forest products company with substantial European packaging board capacity including FBB. Competes with RDM in folding boxboard end-uses and is investing heavily in renewable and recyclable packaging.
• Smurfit Kappa: Global paper-based packaging giant with European containerboard operations and a broader portfolio including corrugated, bag-in-box, and specialty packaging. Competes with RDM for converter and brand-owner customers and on sustainability positioning.

Direct peers

• Mayr-Melnhof Karton: Austrian-headquartered, the European market leader in recycled folding boxboard with multiple mills across Europe producing coated recycled board (CRB). Most direct overlap to RDM's WLC and Vincicoat range.

Regional players

• Heinzel Group: Austrian industrial group operating mills producing recycled and virgin pulp-based packaging paper, mainly in Central and Eastern Europe. Direct competitor in CEE converter channels alongside RDM's Polish, Czech, and Hungarian sales offices.

Emerging players

• Billerud (BillerudKorsnäs): Swedish challenger building a recycled-content packaging board business alongside its virgin-fiber specialty paper heritage. Competes for brand-owner sustainability mandates and growing presence in food-contact grades.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61564077024153
• LinkedInit.linkedin.com/company/rdmgroup
• Instagraminstagram.com/rdm_group_cartonboard

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RDM Group