Lindsay Goldberg buys Coveris Global Rigid for €700m

Global Rigid is headquartered in Zell, Germany, and generated sales of €560m in 2017. The rest of the Coveris group generated sales of €800m in the same period.

Ardian and Triton were competing with Lindsay Goldberg for the asset in the second round of the auction, according to Unquote sister publication Mergermarket. Rothschild ran the sales process and marketed the company at €80m EBITDA, the report added.

Coveris announced the sale of its Americas business to Canadian publisher Transcontinental for $1.32bn last week, proceeds of which were used to repay outstanding debt.

Following the two divestments, Coveris has strengthened its balance sheet and will now put full focus on the flexible packaging market, according to a statement.

Chicago-headquartered Coveris is owned by private equity firm Sun Capital Partners, which created the company through the merger of several smaller packaging operations, which rebranded to Coveris in November 2013.

Company
Coveris Global Rigid is a supplier of rigid packaging solutions to the consumer goods and food services sectors. The company is headquartered in Zell, Germany, and has 21 factories in 14 European countries. It makes packaging from rigid plastic and paper, including cups, containers, lids and trays. The company generated sales of €560m in 2017 and employs 4,700 people.

People
Coveris – Jakob Mosser (CEO).

Advisers
Vendor – Rothschild (corporate finance); Lincoln International (corporate finance); Dechert (legal).

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• Topics
• Industrials
• Buyouts
• DACH
• Germany