Sun European carves out Kobusch-Sengenwald

Pregis stated it reaped gross proceeds of €160m from the exit, which would equate to a entry multiple of less than 5x EBITDA for Sun. The buyer was attracted to Kobusch-Sengewald's technical know-how and innovation capabilities.

Portfolio synergy was also a driver in the deal, as Sun European Partners has completed 16 transactions in the packaging industry over the past five years. The GP notably acquired Unterland in Austria and Britton Group in the UK earlier this year.

Meanwhile Pregis will use the proceeds from the sale to repay a portion of its asset-based lending facility as well as for debt repayment, general corporate purposes, and future reinvestment.

Debt
Information on leverage for this transaction has not yet been disclosed.

Company
Warburg-based Kobusch-Sengewald is a producer and processor of flexible packaging material, and also provides special packaging solutions. It specifically targets the fresh food, dry food, non-food and medical markets.

Kobusch-Sengewald posted revenues of €211.6m and EBITDA of €24.8m for the year ending on 30 September 2011. It employs around 500 people.

People
Philippe Neuschaefer led the deal for Sun European Partners. Borge Kvamme is CEO of Kobusch-Sengewald.

Advisers
Vendor - William Blair & Company (Corporate finance).

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