Danish SME fund Capidea has acquired a majority stake in Holstebro-based packaging manufacturer Westpack.
The investment will see founding family member Søren Skou Mogensen and CEO Morten Dalsgaard reinvest for a significant minority shareholding alongside Capidea and other members of Westpack's management team.
As part of the transaction, Søren Skou Mogensen's brother Ole Buhl Mogensen will fully exit the company, while Jan Sindesen joins as an investor and incoming chair of the board.
Capidea plans to accelerate Westpack's growth, building on the growth strategy developed by Dalsgaard and his team.
The GP drew equity from its Capidea Kapital II fund, a 2012-vintage vehicle with DKK 725m in commitments. Capidea is understood to be raising its third fund.
Headquartered in Holstebro, Westpack is a producer, distributor and buyer of specialist packaging for jewellery, watches and glasses.
Its product lines include cardboard, plastic and wood-based packaging.
Westpack employs 91 people across its two Danish locations and 18 people in its Shenzen purchasing and sourcing office.
In the year to 30 April 2016, the company posted DKK 20.8m in profit before financial income and expenses, according to public filings.
Capidea – Martin Jørgensen (partner).
Westpack – Morten Dalsgaard (CEO).
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