Clondalkin Flexible Packaging Group has officially transferred ownership to Dutch private equity firm Egeria and restructured its leadership team.
Egeria had signed an agreement to acquire 100% of Clondalkin’s shares from an affiliate of Warburg Pincus in September and the deal was completed on 15 December.
The Amsterdam-headquartered packaging group, which has 11 manufacturing sites in The Netherlands, UK, US, Germany and Switzerland, has changed its leadership team following its acquisition, with Anthonie Zoomers taking over as chief executive.
Zoomers has previously worked in chief executive roles in a variety of industries, including the food industry. Aschwin Hollander, who has experience in a variety of commercial and financial roles within SPGPrints, has taken over as chief financial officer.
Former chief executive Paddy Mullaney and former financial officer Michel Jansen have stepped down from their positions.
Clondalkin, which has a turnover of around €400m (£337m), supplies flexible packaging products including complex multi-layer and barrier films as well as foils, laminates and coatings to more than 45 countries globally.
Egeria partner Floris Waage said: “Clondalkin 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.”
The acquisition is the latest in a string of recent private equity deals in the packaging sector.
Moorgate Capital was involved in the Egeria deal. Nicholas Mockett, head of packaging M&A at the financial adviser, said: “There’s a massive amount of private equity interest in packaging. Part of the reason for that is the quality of the industry and another aspect is that it has a major overhang in terms of fundraise that it’s still looking to deploy.
“Packaging is attractive for both its growth and its limited downside. If you do a risk-adjusted return on it then it’s a compelling opportunity. With something that could disappear overnight, which typically there isn’t in this industry, they might be a bit more reticent.”
For more on the drivers behind recent print M&A activity, and a look at what 2017 might bring in this area, see our briefing in the next issue of PrintWeek, out 9 January.