Gilde backs pack2pack MBO

GEM is carving pack2pack Halsteren out of the pack2pack group, a Belgian industrial packaging company that is owned by Greif.

Following the spin-off, pack2pack Halsteren will operate independently under the name pack2pack.

Debt
A debt package for the deal was provided by ING Bank.

Previous investment
pack2pack has had links with private equity for several years. The business was acquired by Blagden Industries in 1973, whose packaging division was then bought by Bridgepoint and CVC in June 1998 for around €163.6m.

Alchemy Partners then acquired Blagden Packaging in a secondary buyout in March 2004. The value of the deal was believed to sit at around €120m. Bank of Scotland arranged senior debt facilities for the transaction.

In November 2006, Alchemy sold Blagden's packaging division to Greif, achieving a 2.9x money multiple and 52% IRR, according to unquote" data.

Blagden's reconditioning activities were renamed pack2pack and acquired by Towerbrook Capital Partners in March 2008. The firm provided an equity ticket of €150m in exchange for a majority stake. pack2pack's management team invested alongside Towerbrook.

In August 2011, Towerbrook sold pack2pack to Greif subsidiary EarthMinded Life Cycle Services.

Company
Founded in 1942 as Plamentha, pack2pack Halsteren is a manufacturer of pails and tin cans predominantly for the food and paint industries.

The pack2pack group employs 650 staff and generates revenues of €130m. Its Halsteren division employs 100 staff and generates around €28m in turnover.

People
Chris Paelinck is the CEO of pack2pack. Jeroen Nienhaus is a partner at GEM; he joined the company's supervisory board in a non-executive role alongside Remko Jager and David van Hasselt.

Advisers
Equity - DRV Corporate Finance, Marco du Pré, Pieter Poortvliet (Corporate finance); Accuracy, Leontine Koens-Betz (Financial due diligence); Simmons & Simmons, Leo Verhoeff, Pieter de Visser, Robbert Jansen, Oscar Hoefnagels (Legal); JSA (Tax).
Vendor - IMAP DB&S, Axel Fuhri Snethlage, Jan-Pieter Borst, Cees van Vliet (Corporate finance); Allen & Overy, Katinka Middelkoop, Aafke Landsmeer, Rens Bondrager (Legal).

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• Topics
• Benelux
• Buyouts
• Industrials
• Gilde Equity Management Benelux
• Netherlands