CD&R reaps $2.3bn in Mauser trade sale

According to a statement, the GP reaped $2.3bn of proceeds via an all-cash transaction sourced by Goldman Sachs.

A syndicate of private lenders – Bank of America Merrill Lynch, Goldman Sachs, BMO Capital Markets and Citigroup Global Markets – supplied an undisclosed credit facility to support the transaction.

Previous funding
The company's history of private equity ownership began in October 1997, when Parcom Capital acquired a minority stake in the business for €5m.

Subsequently, One Equity Partners, the private equity arm of Bank One (now JP Morgan Chase), acquired a majority stake through a €120m deal in May 2003, with Bank of Scotland providing a €55m senior and mezzanine debt facility through its Frankfurt-based office.

More recently, Dubai International Capital (DIC) bought the business from One Equity for €850m in a deal sourced via an auction process run by JP Morgan in May 2007. According to unquote" data, Barclays Capital and Citigroup provided debt facilities comprising €570m of senior term loans and €125m of revolving capital and acquisition facilities.

In June 2009, DIC injected approximately €25m into the business in order to use the contractual possibility to cover a Q1 2009 covenant breach. Later, the company extended the maturity of 96% of its €695m senior debt, revolver and acquisition facility in 2013.

CD&R bought a controlling stake in the business from DIC for approximately €1.2bn in May 2014, according to unquote" data. Credit Suisse, Barclays, BNP Paribas, ING Capital, Natixis and Nomura Securities International provided debt financing in support of the transaction.

Company
Founded in 1896, Mauser produces packaging for industrial use, including steel and plastic drums and intermediate bulk containers.

The company also provides reconditioning services for its products and mainly targets the chemical, agrochemical, petrochemical and pharmaceutical sectors, as well as the food and beverage industries. Headquartered in Oosterhout, the Netherlands, it has a presence in Europe, the Americas and Asia.

The business generated $1.4bn in revenues in 2016 and employs a staff of 4,500 across 111 production plants.

People
Mauser Group – Peter Schaefer (CEO).

Advisers
Vendor – Latham & Watkins (legal).
Acquirer – Goldman Sachs (M&A); Gibson Dunn & Crutcher (legal).

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