Austrian private equity company B&C has entered an agreement with investment firm Lindsay Goldberg to acquire an 80% stake in Schur Flexibles.

Based in Austria, Schur Flexibles provides high-barrier packaging solutions for use in various industries, including food, cosmetics and pharmaceutical applications.

The business has an integrated value chain from extrusion, printing and laminating to full-line bag and pouch production.

Lindsay Goldberg, which invested in Schur Flexibles in 2016, saw the company’s sales increase by more than 50% to €540m ($659m) last year.

In addition, Schur Flexibles’ earnings before interest, tax, depreciation and amortisation (EBITDA) almost tripled last year.

During that period, the company’s workforce increased from 1,200 to 2,100 across its 22 specialised production sites in Western and Eastern Europe.

Lindsay Goldberg will remain co-owner of Schur Flexibles following the acquisition, with 20% of the company’s shares.

The deal’s completion is based on the receipt of antitrust approvals.

Lindsay Goldberg Europe managing partner and Schur Flexibles chairman Thomas Unger said: “Schur Flexibles has developed excellently over the past five years.

“Schur’s highly specialised centres of excellence make the group an attractive and competent partner for customers in selected industries.

“At the same time, it is actively committed to the circular economy and stands for sustainable packaging solutions.

“We are proud of the entire team at Schur Flexibles, which has combined profitable growth with customer focus and sustainability.”

Lindsey Goldberg managing partner Michael Dees said: “We are very proud of the efforts of the Schur Flexibles team in developing a world-leading packaging producer.

“We enthusiastically look forward to our continued partnership with the Schur Flexibles team and our new partnership with B&C.”

B&C also holds stakes in AMAG Austria Metall, Lenzing and Semperit, as well as a number of technology and growth firms.

Since 2001, Lindsay Goldberg has invested in more than 50 platform companies, more than 250 follow-on acquisitions and has raised $17bn in equity capital.