CVC exits Flint Group

Goldman Sachs and Koch will fund a newco in order to complete the acquisition of Flint. The deal should complete by the second half of 2014 following regulatory approval.

The change in capital structure will enable Flint to pursue its growth plans and strengthen its market position, said Goldman Sachs co-head of corporate equity investing Martin Hintze.

According to unquote" data, CVC took control of Flint Group in 2005, in a merger between CVC portfolio company XSYS Print Solutions and Flint Ink. At that time, Flint Ink was worth between €750m-1bn and the two companies' combined revenues stood at €2.6bn, with a staff of more than 8,000.

Company
Headquartered in Luxembourg, Flint has approximately 6,600 employees across 137 sites in 40 countries. The company serves the global printing and packaging industry by developing, manufacturing and marketing a portfolio of printing consumables.

The company can trace its roots back to 1865, when ink manufacturer K+E was founded in Stuttgart. The group's 2013 revenues were €2.2bn.

People
Antoine Fady is CEO of Flint. Martin Hintze is co-head of corporate equity investing in Europe at Goldman Sachs Merchant Banking, while Matthias Hieber is head of corporate equity investing in the German-speaking region. Brett Watson is managing director of Koch, while Matt Flamini is president. Chris Wildmoser is a partner at CVC.

Advisers
Equity - EY (Financial due diligence).

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