US-based equity investment firm Clayton, Dubilier & Rice has completed the $1.7bn acquisition of Germany based industrial packaging company Mauser Group.
Mauser offers plastic and steel drums and intermediate bulk carriers to the chemical, agrochemical, petrochemical, and pharmaceutical sectors.
It currently operates 57 production facilities across 18 countries in Europe, North America, Latin America and Asia, as well as has two licensee networks for plastic and steel packaging.
Previously owned by equity firm Dubai International Capital (DIC), Mauser has 4,400 employees and generated revenues of approximately $1.6bn in 2013.
DIC CEO David Smoot said: "We are extremely pleased with the outcome of the Mauser sale. This transaction demonstrated DIC's ability to improve and grow the companies it has invested in to ultimately achieve an attractive value at the point of exit."
Clayton, Dublier & Rice partner David Novak said: "Mauser is a competitively well-positioned, resilient business with strong exposure to the higher growth sub-segments of the rigid industrial packaging market in North America and Europe. We believe the company will continue to benefit from the combination of attractive, end-market growth and new operating improvement initiatives."
The transaction has been backed by debt financing from Credit Suisse, Barclays, BNP Paribas, ING Capital, Natixis and Nomura Securities International. Mauser was acquired by DIC in 2007 for $1.1bn.
Image: Mauser offers plastic and steel drums and intermediate bulk carriers to various industries. Photo: courtesy of Victor Habbick / FreeDigitalPhotos.net.