Stirling Square acquires Cartonplast Group

Carmen Reichman
07 January 2013

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Stirling Square Capital Partners has acquired German plastic processing business Cartonplast Group in an MBO from Synergo SGR.

The GP also bought the outstanding 50% of Cartonplast's Iberian subsidiary from the Ferragut family, bringing together the entire business for the first time. The deal was valued in the €100-175m range and saw management invest alongside Stirling Square.

The business will pursue organic and external growth opportunities in the European, Asian and Latin American markets following the transaction. As such, Cartonplast's strategy is in line with Stirling Square's own pan-European, cross-border investment thesis.

This was the penultimate deal from Stirling Square's second fund, before the firm embarks on raising a new one. The deal was arranged by Unicredit and was carried out as a multi-tiered auction process. Stirling Square told unquote" it convinced the seller with its understanding of a number of European jurisdictions and its ability to develop cross-border businesses.

Debt
The GP described the debt structure as classical for a German company in 2013 and as being well-supported. Haymarket Financial led the arrangement.

Company
Cartonplast markets and services polypropylene pads (PLPs) for use as divider sheets in the transportation of glass containers in the food and beverage industry. The group has developed a closed-loop logistics system that encompasses the procurement, rental, cleaning and recycling of PLP deliveries.

Headquartered in Dietzenbach, Cartonplast employs more than 400 people in nine countries, with 14 service centres across Europe. The company delivers PLPs to 133 glass manufacturers in 19 countries, delivering to about 4,000 fillers.

People
Gregorio Napoleone is a partner at Stirling Square. Cartonplast has been headed by CEO Joachim Kreuzburg since 2010.

Advisers
Equity – Fineurop Soditic (M&A); Rothschild (Debt); Latham & Watkins (Legal); Clifford Chance (Legal); KPMG (Financial due diligence, tax); LEK (Commercial due diligence); Roland Berger (Commercial due diligence); ERM (Environmental due diligence); Willis (Insurance due diligence).
Vendor – UniCredit (M&A); Deloitte (Financial due diligence); DLA Piper (Legal); LEK (Commercial due diligence).