The deal means Warburg now controls the 85% shareholding owned by rival investor group Candover, who bought the company for 550m in 1997.
All of Clondalkins senior level management, including chief executive Norbert McDermott, will retain their roles. Warburg Pincus strategy is to expand Clondalkin in the US.
The sale has been on the cards for the past 12 months after Canover announced its intentions by appointing Deutsche Bank to manage the deal (PrintWeek, 24 February).
Clondalkin financial director Colman ONeill said: Warburg Pincus is a giant in the investment capital market. There will be regions we will be concentrating on and as well as Europe and the US, we will look to have a presence in the Far East. It is a region which has been beyond our reach.
Candover director Ian Gray said: The packaging sector is cyclical and we went into it with our eyes wide open. Owning the company for three to five years was our strategy and in that time we doubled the value of Clondalkin.
Gray added that he did not rule out Candover returning to the packaging sector in the future.
Story by Philip Chadwick
Are you looking to upgrade to UV LED technology?
Learn why Grafiche Antiga chose GEW’s LeoLED curing system when they upgraded their sheetfed press.
Have your say in the Printweek Poll
Related stories
Latest comments
"Oh woe is me! A very sad announcement indeed.
The Xerox Nuvera was, is and will always be very close to my heart.
I was fortunate to be part of the Xerox marketing team in the UK when the Nuvera was..."
"Isn’t Boltaroo, based on the iGen platform, also built in Webster?"
"They dont seem to be wearing make up? SbF"
Up next...
New press runs at 52m/min
Printed Easy boosts labels firepower with first inkjet
Five dates around the country
HP roadshow flags up Drupa launches around the UK
Kolbus Autobox AB300 installed
Dairi-Pak makes productivity leap with new Autobox
Keynote speech