Biopack Romania

1. Executive Summary

BIOPACK ROMANIA INC S.R.L. produces and processes corrugated cardboard packaging. The Biopack brand has been active since 2006 and the company was registered in 2012. This campaign finances part of an equipment programme designed to raise production capacity and bring in-house work that the company currently subcontracts, mainly die-cutting volume, digital printing and Backfill packaging.

The company sells classic, die-cut, telescopic and rigid boxes to customers in the automotive, food and beverage, HoReCa, furniture and textile sectors. Reported net turnover was RON 5,111,282 in 2025, with a net profit of RON 340,407.

Investment features:

• An operating manufacturer: an established production site in Adjud, registered BIOPACK, BIOPRINT and BIOPAPER trademarks and, according to the company, more than 8,000 box models held in stock.
• Specific use of proceeds: new production equipment, as set out in the company's investment plan of approximately EUR 450,000, of which this loan finances EUR 210,000.
• Monthly interest: a contractual annual rate of 10.00% to 16.00%, depending on the amount invested and fixed at signing. Examples under the published ladder are 11.00% for EUR 1,000, 12.00% for EUR 2,500 and 12.75% for EUR 5,000. The maximum rate does not apply to every investment.
• First-rank real-estate security: the industrial property in Adjud, Str. Revoluției no. 17, has an independent ANEVAR market valuation of EUR 494,000. Against the EUR 210,000 loan this gives 42.51% LTV and 235% collateral coverage.
• Funds released only after the mortgage is registered: disbursement takes place after registration of the first-rank mortgage over the whole property ensemble.

The term is 24 months, with principal repaid in one instalment at maturity and no investor-facing platform fees or cashback. Repayment relies primarily on cash generated by ongoing operations; bank refinancing is an alternative. The collateral is a recovery resource, not the ordinary payment source. Capital and interest remain at risk. The funding structure and full risks are set out in Sections 6 to 8.

2. Location Analysis

The production site and the collateral are located at Str. Revoluției no. 17, Adjud, Vrancea County, in eastern Romania. Adjud is a municipality and a railway and road junction on the main corridor between Moldova and Muntenia, a position that suits a business shipping bulky packaging to industrial customers across the country.

The town has an established paper and packaging tradition: one of Romania's largest corrugated cardboard producers operates in Adjud, which supports the local supply of raw materials, skilled labour and transport services for the sector. The site is an industrial ensemble with direct road access through the property registered under land book CF 52928, which forms part of the security package described in Section 4.

The company's registered office is in Bucharest, Sector 1; the commercial and administrative activity is coordinated from Bucharest, while production takes place in Adjud, where the company has operated a registered working point since February 2016.

3. Developer Profile

BIOPACK ROMANIA INC S.R.L. is a Romanian limited liability company registered on 18 January 2012 under registration number J2012000447408, tax identification code 29556706, VAT payer. Its subscribed and paid-up capital is RON 500,000. The company has a sole shareholder, Mr Ioan-Romeo Bănulescu, who has also been its sole administrator since May 2016.

Operational profile:

• Main activity: manufacture of corrugated paper and paperboard and of paper and paperboard packaging (CAEN 1721)
• Production site in Adjud, Vrancea County, registered as a working point since 1 February 2016
• Customers in the automotive, food and beverage, HoReCa, furniture and textile sectors
• More than 8,000 box models held in stock and full coverage of the FEFCO box codes, according to the company
• Certifications stated by the company: FSC, ISO 9001 and ISO 14001
• Registered OSIM trademarks BIOPACK, BIOPRINT and BIOPAPER, granted on 7 August 2019
• 8 employees on average in 2025; the company states that its team currently counts 21 people

Public records

The Termene.ro report generated on 5 October 2026 shows the company as active, a VAT payer, with no outstanding tax obligations to ANAF and no entries in the Insolvency Proceedings Bulletin. The court files listed involve the company as claimant or creditor, the most recent being a trademark infringement action filed in 2024. The full report is available in the Documents section.

4. Project Overview

Equipment programme at the Adjud plant

The company's investment plan targets three gaps: limited die-cutting capacity, the absence of in-house digital printing and lamination, and a packaging line for a project already in progress with an existing client. According to the company, the plant operates with about 30% free capacity in its current set-up, and part of the demand it receives is today subcontracted to specialised competitors.

This campaign finances EUR 210,000 of the plan, with priority on the production equipment. The balance is to be covered from the company's own resources, reinvested profit, leasing and bank financing. The figures include equipment, taxes, transport, site preparation and installation, as stated by the company.

Timeline stated by the company: installation of the equipment in Q4 2026 to Q1 2027; die-cutting, digital printing and lamination fully operational during 2027, with the Backfill line starting production for the existing client in the same year.

Property securing the loan

The security is an industrial ensemble at Str. Revoluției no. 17, Adjud, Vrancea County, made up of three land book units:

The buildings date from 1975 and were partially renovated between 2017 and 2021. COMINS SERVICE S.R.L. is a related company: the borrower's sole shareholder is also a shareholder and administrator of COMINS SERVICE S.R.L., which participates as third-party mortgagor. Access to the borrower's plots runs through the CF 52928 unit, which is why the whole ensemble is mortgaged and was valued as a single property.

5. Market Analysis

The corrugated board packaging market is driven by e-commerce, by industrial investment and by the regulatory shift from plastic to paper-based packaging under the EU Packaging and Packaging Waste Regulation (PPWR). The company estimates the Romanian corrugated board segment at EUR 600 to 700 million per year.

The segment is led by integrated producers that manufacture both paper and board (among them Rondocarton, DS Smith, Vrancart and DunaPack), alongside more than 700 smaller converters and processors. Biopack operates as a converter: it buys board and transforms it into finished packaging, competing on product range, short runs, customisation and delivery time rather than on scale.

The collateral was appraised by Romcontrol (ANEVAR corporate member) in report no. 260160 of 28 January 2026, prepared for a bank lender, at a market value of EUR 494,000 (RON 2,517,375) for the whole ensemble: buildings EUR 411,500 and land EUR 82,500. The appraiser applied the income approach, based on market rent for industrial space in Adjud of about EUR 2.5 per sqm per month, and reported a cost-approach value of EUR 520,200 as a cross-check. Marketability of industrial property in a small town is lower than in large cities, so a sale could take longer and the realised price could differ from the appraised value.

6. Financial Analysis

Company financials (RON)

Source: annual financial statements, as reported in the Termene.ro report of 5 October 2026.

Reading the figures

• 2023 included non-recurring items. Total income in 2023 includes gains from asset disposals; the company reports 2023 operating profit from recurring activity of RON 3,407,621.
• 2024 and 2025 were a period of reorganisation. The company remained profitable, with operating profit of RON 724,309 in 2024 and RON 611,694 in 2025, as reported by the company.
• 2026 to date. The trial balance at 31 July 2026 shows a net profit of RON 233,744 for the first seven months. The company reports revenue of EUR 944,117 up to 31 August 2026 and estimates EUR 1,416,176 for the full year.

The mortgage in favour of investors is first-rank: the platform confirms that no prior mortgage remains registered over the three properties offered as security.

Use of proceeds

Collateral coverage

Repayment source

Interest is intended to be paid from ongoing operating cash flow. Operating cash generation, supported by the additional capacity and in-house work the new equipment is expected to bring, is also the primary source for principal repayment at the end of month 24. Bank refinancing is an alternative, alongside additional shareholder equity and, subject to availability and applicable requirements, a follow-on platform facility. For reference, interest at 16.00% on EUR 210,000 amounts to about EUR 33,600 per year.

7. Funding and Investment Opportunity

How the progressive rate works

Each investment receives its own annual contract rate, fixed at the moment it is signed. The rate starts at the 10.00% floor and rises within the 6.00 percentage point interest pool according to the amount invested, following the rate bands published on this campaign page. No early-bird boost applies to this campaign. The borrower pays 16.00% per annum on the whole facility. Once signed, the rate of an investment does not change for the life of the loan.

Platform

stock.estate is a European Crowdfunding Service Provider licensed by the Autoritatea de Supraveghere Financiara of Romania under licence PJR28FSFPR/400002, operating under Regulation (EU) 2020/1503 (ECSPR).

8. Risks and Mitigations

• Implementation of the equipment programme. The full plan is about EUR 450,000, more than this loan; delivery, installation or financing of the balance may be delayed, and the expected capacity gains may take longer to materialise. Mitigation: the loan is allocated first to the production equipment; the existing business continues to operate during installation.
• Bullet repayment at month 24. All principal falls due at maturity and requires sufficient liquidity or refinancing at that date. Mitigation: operating cash flow is the primary source; bank refinancing, additional shareholder equity and a follow-on platform facility are alternatives whose availability is not assured.
• Collateral and enforcement. The property is an older industrial ensemble in a small town, valued as a whole because access to the borrower's plots runs through the unit owned by COMINS SERVICE S.R.L.; the appraisal was prepared for another lender on the income approach. Mitigation: all three units are mortgaged to the investors at first rank, the appraised value represents 235% of the loan, and funds are released only after registration of the mortgage. Enforcement may take time and realise less than the appraised value.
• Currency risk. The loan is denominated in euro while revenue is generated mainly in Romanian lei. A depreciation of the leu increases the local-currency cost of servicing and repayment.
• Key person and related parties. The company depends on its sole shareholder and administrator, who also controls related companies, including the third-party mortgagor.
• Variable rate at signing. The contract rate of each investment depends on the amount invested and on the conditions in force at signing. Mitigation: the rate is displayed before signing, is fixed for the life of the loan once signed, and can never fall below the 10.00% floor.
• Illiquidity. Loans concluded through the platform are not admitted to trading on a regulated market and no secondary market is guaranteed. Investors should be prepared to hold the investment to maturity.

The project owner declares that, to the best of their knowledge, no information has been omitted or is materially misleading or inaccurate. The project owner is responsible for the preparation of the key investment information sheet (see Documents).