3i has acquired Paperpak for EURO95 million, backed by financing from Barclays Capital and Wells Fargo. Barclays provided EURO35 million, Wells Fargo provided EURO26 million and 3i injected the remaining EURO34 million. There will be no further syndication of the bank debt.

The deal took nine months to complete because of complexities arising from the fact that Paperpak’s European operations were profitable, while its US operations were struggling.