How PE-Backed Gpack Cut Overdue Receivables by 50%
Agostino Febbraro, CFO of Gpack, and Federico Scaravelli Vice President of Oxy Capital explain how Agicap centralises cash data and streamlines reporting to the private equity sponsor
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Key takeaways
Following Oxy Capital's investment in 2021 and the group's debt restructuring, Gpack needed reliable cash reporting for its PE sponsor.
Before Agicap, Gpack had no structured historical cash data: just a 13-week cash flow forecast in Excel, with manual extracts from three ERP systems.
Thanks to Agicap, Gpack centralised banking data, integrated SAP Business All-in-One and its two other ERPs, and rolled out cash forecasting and receivables monitoring (AR module).
Within six months, Gpack halved overdue receivables (from approx. £595,000 to £300,000) and cut DSO by 37%. The CFO, treasury team and sponsor now share a single cash dashboard.
The integration also streamlined operations: a single order view from both systems, and factoring monitored directly by treasury.
" We had no historical cash data before. Today, the CFO, treasury team and private equity sponsor all rely on the same dashboard, updated daily. "
£68m
revenue
5
manufacturing sites in Lombardy
2021
Oxy Capital joins as investor
Customer’s history
Gpack is a vertically and horizontally integrated packaging group with five manufacturing sites across Lombardy (Vailate, Truccazzano, Cavaione, Cambiago and Bottanuco). Founded by the Bramucci family, the company manufactures folding cartons, tubes, rigid boxes, corrugated inner packaging, and general packaging, display and point-of-purchase (POP) solutions for the fragrance, cosmetics, food, wine & spirits, and consumer goods industries.
In 2021, Oxy Capital, a private equity firm specialising in turnaround investments across Southern Europe, acquired a controlling stake in Gpack and completed the group’s debt restructuring. The following year, the company launched a strategic repositioning towards the luxury packaging market.
In 2024, following the completion of the 2021 restructuring agreement and a refinancing of its medium/long-term debt, Gpack entered a new investment phase that made it necessary to adopt a proper treasury management tool.
Customer’s needs
Before adopting Agicap, Gpack faced two main challenges in its treasury management: supporting day-to-day operations while meeting the reporting requirements of its PE sponsor.
Operational challenges
Build a structured historical record of cash data, which had previously been unavailable, to ensure continuity in cash management.
Automate an Excel-based process relying on manual data extracts from three different systems (SAP and two industry-specific packaging ERPs).
Adopt an AI-ready platform to avoid further technology upgrades in the near future.
Investor reporting challenges
Access up-to-date, reliable cash data ready for reporting.
Produce long-term cash flow projections, particularly during periods of financial pressure and liquidity constraints.
Gain detailed visibility into accounts receivable and customer payment due dates, given the company’s significant exposure to large international customers with strong negotiating power over payment terms.
Solution
Gpack rolled out Agicap from July 2024 through a phased implementation.
Project launch and bank connectivity (July 2024) Set up the data infrastructure and connected the company’s bank accounts.
ERP integration (July–October 2024) Integrate SAP Business All-in-One for accounting alongside two industry-specific packaging ERP systems (customer orders, suppliers and subcontracting), with automated daily data synchronisation into Agicap, now the single data layer connecting all three ERP systems.
Go-live and cash flow forecasting (November 2024) The platform went live with automated bank feeds and operational cash flow forecasts.
Accounts Receivable (AR) module (January 2025) The Accounts Receivable module was deployed, introducing automated alerts three days before invoice due dates, followed by reminders at 5, 10 and 15 days overdue. Initially triggered manually through Agicap, the process became fully automated during 2025.
Rollout to the second company (March–August 2025) Configuration and integration of Gpack General Packaging, the new company created following the spin-off of the General Packaging division, completed during summer 2025.
Key results
Overdue accounts receivable halved, from £595,000 to £300,000, while DSO fell by 37% in six months, thanks to automated alerts and payment reminders, without increasing the size of the collections team.
A single view of orders and factoring. Transactions from the two ERP systems are consolidated into one dashboard, together with receivables assigned to factoring, eliminating the need to access external factor portals.
An unexpected operational benefit. The integration uncovered obsolete purchase orders that had never been closed in the ERP systems, leading to the introduction of a monthly report sent by the Management Control team to Procurement and Sales to update expected delivery dates. While this did not directly improve liquidity, it significantly increased the reliability of the data used for cash flow forecasting.
A single dashboard shared by the CFO, treasury team and private equity sponsor, providing standardised reporting for Oxy Capital without relying on online banking portals, ERP queries or manual spreadsheets.
" The impact has been significant, not only from a financial perspective, but also for our people. They used to spend hours on the phone chasing overdue invoices, often without getting any response. "
Conclusion
With Agicap, Gpack has transformed treasury management from a manual, fragmented process into a centralised platform shared in real time by the CFO, treasury team and private equity sponsor.
Having centralised its treasury data and halved its overdue receivables, Gpack is now extending Agicap's use further. The next steps include deploying the Accounts Payable (AP) module, automating journal entries, and introducing AI-powered reporting that turns a simple prompt into a structured briefing on variances, projections and alerts, ready to share with Oxy Capital.
Oxy Capital's ambitions extend beyond Gpack. The firm plans to roll out Agicap across other portfolio companies, in line with the stage of each investment.
Febbraro concludes: “I don’t see Agicap as a short-term investment. It’s a strong foundation for building, over time, a truly comprehensive platform to manage every aspect of treasury.”
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