Platinum Equity has completed the sale of its Contego Healthcare packaging business to Filtrona's subsidiary, FIL International, for about £160m.
The sale includes ten Contego Healthcare manufacturing sites located in the UK, Italy, Germany, France and Ireland.
Platinum Equity Portfolio Operations partner and president Bryan Kelln said, "By investing in capital improvements and partnering with the management team to execute a sound operational plan, we created substantial value and have positioned the company for continued success under new ownership."
The acquisition of Contego will be reported under the Coated & Security Products division of Filtrona, and is consistent with the company's Vision 2015 strategy of balancing, profitable growth with with value-adding acquisitions
Contego's product portfolio complements Filtrona's existing packaging solutions capabilities in the pharmaceutical and healthcare markets of labels, tear tape and authentication technologies.
Contego has built two new factories and made investments in new printing and folding technology at its ten sites across Europe over the past two years.
In February 2011, the healthcare packaging business and food and cartons packaging business were acquired by Platinum Equity from South African packaging company Nampak, and were subsequently rebranded under the Contego name.
The Contego food and cartons business was later sold to Graphic Packaging in December 2012.
Contego Healthcare packaging business manufactures cartons, leaflets, self-adhesive labels and printed foils for blister packs for the pharmaceutical and healthcare markets.
Image: Contego's product portfolio is complementary to Filtrona's existing packaging solutions capabilities in the pharmaceutical and healthcare markets; Photo: Courtesy of adamr.