CVC buys Bosch Packaging Technology

The division will be acquired by a newly incorporated entity managed by CVC; the deal is expected to close early next year. The carved out entity employs 6,100 associates in 15 countries.

CVC is currently investing from its €15.5bn buyout fund, CVC Capital Partners VII, which held a final close in June 2017.

The GP dropped out of the race in May after Bosch eliminated all indicative bidders below €600m, according to a report from Unquote sister publication Mergermarket. However, the report noted that CVC hoped to be accepted back into the process to make an improved bid.

The auction was run by Macquarie, which was appointed to sell the asset in July 2018, according to Mergermarket. The division generated sales of €1.2bn in 2017 and was expected to achieve an enterprise value of €500-600m, according to early press reports.

Bosch said it is selling the asset to focus on mobility and connectivity over the Internet of Things, and believes that the packaging technology unit's competitiveness will be enhanced by the sale.

Company
Bosch is a technology and services firm that generated sales of €78.5bn and employed 68,700 people in 2018. The packaging technology unit manufactures filling and packaging machines used by the pharmaceutical and food industries.

People
CVC Capital Partners – Alexander Dibelius (managing partner).
Bosch Packaging Technology – Stefan König (president).

Advisers
Vendor – Macquarie (corporate finance).

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• Topics
• Buyouts
• DACH
• Industrials
• CVC Capital Partners
• Germany