European lower mid-market private equity firm Stirling Square has agreed to buy Cartonplast Group, a company that specialises in processing and servicing of reusable plastic layer pads (PLPs) used in the food and beverage industry for transporting glass containers.
The deal will be financed through Stirling Square’s €375m 2008-vinage second fund.
Financial terms of the transaction were not disclosed.
As part of the deal, Stirling Square and Cartonplast management will acquire 100 per cent of Cartonplast from Synergo SGR and the 50 per cent stake in Cartonplast’s Madrid-based Iberian subsidiary that Cartonplast did not already own, from the Ferragut family.
Cartonplast’s service is based on a closed-loop logistics system that encompasses the procurement, rental, cleaning and recycling of more than 120 million PLP deliveries annually.
Headquartered in Dietzenbach, Germany, the company employs more than 400 people in nine countries, with 14 service centres across Europe.
From this base, the company delivers PLPs – which are used for the safe and hygienic transportation of glass containers – to 133 glass manufacturers in 19 countries that ultimately deliver PLP-stacked containers to about 4,000 fillers. The PLPs are then collected from the fillers by Cartonplast for re-conditioning before further service.
Under the leadership of a broad senior executive team headed by CEO Joachim Kreuzburg and supported by Stirling Square, organic and external growth opportunities will be pursued in the European, Asian and Latin American markets, the company said in a statement released today.
“Cartonplast’s unique business model and pan-European footprint, combined with its leadership position in the markets served, are attractive fundamentals and provide an excellent platform from which to grow the business,” Stirling Square partner Gregorio Napoleone said in the statement.
“An experienced and ambitious management team is in place and initiatives are under way to expand Cartonplast beyond its historic boundaries.”
Stirling Square received M&A advice from Fineurop Soditic and debt advice from Rothschild, while UniCredit advised the vendor.
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