Sun European Partners has announced that one of its affiliates has completed the acquisition of producer and processor of plastic packaging Kobusch-Sengewald from Pregis in a deal worth €160m.
Earlier in October 2011, Pregis, the global provider of protective packaging and a wholly-owned subsidiary of Pregis Holding, announced a definitive purchase agreement to sell its business unit to Sun European Partners.
Pregis will use the proceeds from the deal to repay a share of its asset-based lending facility and otherwise retain for debt repayment, general corporate purposes and future reinvestment.
Kobusch-Sengewald reported sales of €211.6m for the full year 2011 and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of €24.8m.
The unit operates six manufacturing sites, with one in Egypt, two in Germany, and three in the UK.
Sun European Partners’ affiliates have invested in over 280 companies worldwide with combined sales in excess of $45bn since the inception of Sun Capital Partners.
Kobusch Sengewald provides plastic-based flexible and semi-rigid packaging solutions to the food, chemical, hygiene product and medical sectors. The company’s range of manufactured products includes flexible films, ready-made bags, pouches and sleeves.