Blackstone exits Klöckner Pentaplast

Besides SVP's cash equity investment of €190m, Klöckner was recapitalised using new debt facilities provided by Jefferies. These have led to a full repayment of the €800m first lien senior debt package including accrued interest. The company's total debt was halved to €630m.

Blackstone acquired the business for €1.3bn in May 2007 from Cinven and CCMP Capital Advisors. Morgan Stanley, JP Morgan and Lehman Brothers provided the debt facilities for the deal. 

Company
Klöckner Pentaplast is a German manufacturer of packaging solutions for the pharmaceuticals, medical devices, electronics and food industries. The company was founded in Montabaur in 1965 and employs 3,000 people.

Its latest sales figures amount to €1bn. Klöckner operates 17 production facilities in 11 countries.

People
Victor Khosla, chief investment officer, led the investment and refinancing on behalf of SVP.
 

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