The shares were acquired from an affiliate of private equity house Warburg Pincus.
Clondalkin is a global flexible packaging manufacturer comprising 11 manufacturing sites in The Netherlands, Germany, Switzerland, United Kingdom and USA, supplying over 45 countries globally with a turnover of approximately €400m.
It has market leadership positions in segments throughout Europe, North America and farther afield, and is particularly strong in food and beverage, which include some of the highest growth markets within the flexible packaging industry.
Clondalkin has focused on extended-shelf-life protein primary-packaging, shrink sleeves, stand-up pouches, multiple applications for the growing ‘away from home’ or ‘food to go’ segments, and pods for coffee and tea.
Paddy Mullaney, chief executive of Clondalkin, said: “We are delighted to team up with Egeria for the next step of our development plan. Egeria’s experience in supporting businesses will further facilitate and strengthen Clondalkin’s continued development and expansion.”
Floris Waage, partner at Egeria, said: “We are very excited to team up with Clondalkin. The company has a long history of delivering high value added products and putting its customers first. We are committed to supporting Clondalkin and are convinced it has attractive growth opportunities.”
Nicholas Mockett, head of packaging M&A at Moorgate Capital, said: “There is a particularly strong management team at Clondalkin Flexibles and I have no doubt that they will be continuing Clondalkin’s rise to the very top of the European market alongside peers Amcor, Constantia, Mondi, and Sealed Air.”
This is the third significant European flexible packaging company in three years to be passed from one private equity house to another. In early 2015 One Equity sold Constantia to Wendel; in July 2016 Capiton sold Schur to Lindsay Goldberg; and now Warburg Pincus is selling Clondalkin to Egeria.
Mockett added that this trend highlights the attractions to investors of a robust packaging industry and the high growth flexibles sector in particular.
The deal is expected to be completed later this year.
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