Bewi and Rock Capital form new EPS raw materials company
Key takeaways
- Bewi has agreed to combine its EPS raw materials business with The Rock Capital Group, retaining a 49% stake.
- The new entity will comprise four EPS raw material facilities with a combined annual capacity of 375,000 metric tons.
- The combined business aims to finance its own investments, meeting the demand for circular packaging solutions.

Bewi has agreed to combine its raw material business with that of The Rock Capital Group, creating a new producer of expanded polystyrene (EPS).
Under the agreement, Bewi will retain a 49% ownership, while releasing capital and resources to accelerate growth in energy-efficient circular packaging solutions. Bewi Raw is the manufacturer of EPS raw material.
Christian Bekken, CEO at Bewi, says: “Through this transaction, we strengthen Raw’s position in the European EPS market. We maintain the operational benefits of being vertically integrated, while facilitating growth in our downstream business.”
“We have higher margins and see a higher growth potential both organically and through acquisitions, supported by strong megatrends for the construction markets in Europe.”

Increasing production capacity
The Rock Capital Group, an international investment firm and the owner of Unipol Holland, will retain a 51% ownership. Unipol is based in Oss, the Netherlands, where it operates a facility with a production capacity of approximately 95,000 metric tons of EPS.
The combined entity will comprise four raw material facilities with a total annual production capacity of 375,000 metric tons of EPS, including 30,000 metric tons of grey EPS. The facilities can also produce recycled EPS.
The new entity aims to replace part of the production capacity of white EPS with grey EPS to meet market demand.
With annual revenues of around €400 million (US$476.58 million), the entity is expected to finance investments on its own balance and have significant dividend capacity. The combined business will remain the preferred supplier of EPS to Bewi’s downstream business through long-term agreements.
“We maintain a significant ownership in the combined raw materials company to capitalize on the anticipated increase in demand for insulation materials to improve the energy efficiency of buildings. Based on identified synergies, ongoing cost reductions, and a market rebound, we expect good profitability improvement for the new entity,” says Bekken.
“We continue to prioritize areas of growth and profitability improvements, targeting maximum shareholder return. By divesting parts of the packaging business, evaluating options for the automotive business, and now reducing our ownership in Raw, we can re-allocate capital and management focus to defined high-growth areas.”








