The acquisition price represents a multiple of 8X pro-forma EBITDA.
Cinven partner Peter Gangsted said: “kp has been a successful investment for us in spite of difficult conditions caused by the oil price increase since 2002.”
Founded in 1965 in Montabaur, Germany, where it retains its headquarters, KP supplies films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications. Kp’s vision is to become ‘the number one film producer worldwide’.
Lionel Assant, managing director of the Blackstone Group, said: “We see in Klöckner Pentaplast a high quality business with a leading position in the plastic rigid film market.”
Cinven and JPMorgan Partners were advised by Morgan Stanley. Blackstone was advised by Gleiss Lutz.