OEP divests Duropack Group in €300m trade sale

The purchase price equates to 5.7x EBITDA. The sale marks the final divestment of Constantia Packaging, the company it bought more than five years ago.

DS Smith claimed it will benefit from cost synergies totalling €12m within three years of ownership. The business will also require €13m worth of additional investment across the first two years.

The new owner is a pan-European packaging company listed on the London Stock Exchange. It has a presence in 25 countries and employs 21,500 people. Its 2013/14 turnover was £4.035bn.

Previous funding
OEP acquired Duropack in October 2009 as part of its take-private of Constantia Packaging. It made a full takeover offer for 66% of the packaging company at €39 per share, before buying a further 9% of the company in a subsequent transaction.

OEP proceeded to carve out the three companies that made up Constantia Packaging. Austria Metall (AMAG) was listed on the Vienna stock exchange in April 2011, while Constantia Flexibles and Duropack were spun out to become two separate entities.

The GP, alongside minority shareholder the H. Turnauer Foundation, sold Constantia Flexibles to the Wendel Group for an enterprise value of €2.3bn in December 2014.

Company
Headquartered in Vienna, Duropack specialises in paper and corrugated board products for heavy-duty goods packaging, as well as multicolour printing. It has 15 main production sites across Austria, Slovakia, Bosnia, Bulgaria, Macedonia, Serbia, Croatia, Slovenia and Hungary, and employs 2,600 people. It generated revenues of €273m and EBITDA of €41m in 2014.

People
Rob Jan Renders is CEO of Duropack. Melchior von Peter is managing director at OEP. Miles Roberts is CEO of DS Smith.

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