German plastic film maker Klöckner Pentaplast Group (KP) has acquired UK firm Linpac Senior Holdings, in order to strengthen its food container business.
The company did not disclose financial details of the transaction, which also involves the acquisition of Linpac’s direct and indirect subsidiaries.
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The deal is expected to create a combined company with revenues of $2bn and a new focus on the rigid and flexible film market, as well as expand KP's technological capabilities.
Announced last April, the transaction has now has received all necessary regulatory approvals.
During the announcement of the acquisition, Hewett said: “This is a highly complementary acquisition that will help KP expand our technological capabilities and presence into the food industry and the rigid and flexible film market, as well as further develop our offerings in end markets such as pharmaceuticals, food and beverage, and consumer and industrial products.
“KP will be enriched by LINPAC’s innovations, adjacent products and know-how. We are excited about the new opportunities that lie ahead of us.”
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By GlobalDataThe combined company will operate from 32 locations across 16 countries, and with a workforce of approximately 6,300 employees.
It will be led by Klöckner Pentaplast CEO Wayne M. Hewett, while Linpac CEO Daniel Dayan will lead the company's food and consumer packaging division.
During the transaction, Kirkland & Ellis International served as the legal advisor to KP, while Linklaters served as legal advisor to Linpac and its investors.
