Stirling Square exits Schoeller

European mid-market private equity player Stirling Square Capital Partners (SSCP) has agreed to sell its controlling stake in Schoeller Arca Systems to One Equity Partners at an enterprise value of €428m.

The founding Schoeller family and management will keep their respective stakes.

Headquartered in the Netherlands, Schoeller manufactures a broad range of plastic material-handling products, including foldable large containers, intermediate bulk containers, large boxes, pallets, crates and trays for beverages, returnable plastic containers and UN certified pails.

In August 2003, SSCP acquired a controlling stake in Schoeller Wavin Systems for €143m from the Schoeller family, who had founded the original business. Schoeller Arca Systems was then created through the acquisition by Schoeller Wavin Systems of Swedish company Arca Systems in February 2005.

The deal is the second exit for Stirling Square in the last few months following the €250.2m sale of Global Design Technologies in May.

Revenues have increased from €165m in 2002 to €465m for the year to end-May and the number of employees from 763 at the end of 2002 to 1,416.

JPMorgan acted as financial adviser to SSCP while Augusta & Co worked as financial adviser to both One Equity Partners and the Schoeller brothers.

Latham & Watkins Frankfurt was the legal adviser for OEP and the Schoellers while Clifford Chance Amsterdam was the legal adviser for SSCP. KPMG and LEK performed financial and commercial due diligence respectively on the transaction.