02 May 2013 16:15 [Source: ICIS news]
LONDON (ICIS)--US private equity firm Sun Capital Partners is to merge five of its portfolio companies specialising in plastics packaging to create the sector’s sixth-largest business, one of the companies said on Thursday.
Known as Exopack Holdings, the newly-formed entity will be based in Luxembourg, according to US-based flexible paper and plastic packaging Exopack, which is one of the groups being amalgamated.
Other companies involved in the merger include Germany-based PACCOR, UK-based Britton Group, Germany-headquartered Kobusch, and the UK’s Paragon Print and Packaging.
All five businesses are owned by Sun Capital, and all five brand names will be retained following the merger. The combined company will have 63 plants, 8,650 employees and aggregate annual revenues of over $2.5bn (€1.9bn), Exopack added.
The new company will be headed by Exopack CEO Jack Knott, while Exopack CFO Mike Alger will hold the same position in the expanded company.
“The larger scale will enable us to accelerate the development and commercialisation of new and differentiated products,” said Knott.
The deal is subject to approvals, including the consent of each of the company’s lenders, with all consents expected to be secured within two weeks, Exopack added.
($1 = €0.76)
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