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PAI sells Albea's dispensers business for $900m

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PAI Partners has sold the dispensing business of French beauty packaging specialist Albea to US-based and Nasdaq-listed Silgan Holdings, a supplier of packaging for consumer goods, for $900m.

Following the deal, Silgan plans to further expand its market position in the dispensing segment and enlarge its product portfolio with the addition of highly engineered foam pumps, fine mist pumps, lotion pumps, fragrance caps, and closures for personal care and beauty products.

PAI Partners bought Albea via its PAI Europe VI fund from Sun European Partners in January 2018. The company was valued at around 8.5x its 2017 EBITDA of $190m.

The remaining business of Albea will continue to be managed by the GP as a portfolio company of PAI Europe VI. Albea generates revenues of around $1.5bn.

Company
Based in Gennevilliers, Albea's dispensing business specialises in producing pumps, sprayers and foam dispensers to the cosmetics and personal care industries. It operates 10 production plants based across North America, Europe, South America and Asia. The business generated revenues of around $383m in 2018.

People
Silgan Holdings – Tony Allott (CEO).

Advisers
Vendor – Barclays (corporate finance); Latham & Watkins (legal); EY (tax).
Acquirer – True North Capital Advisors (corporate finance); Linklaters (legal).

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