SK Capital to buy Ipackchem from Sagard

Following the deal, the company's management team will stay on with the business and retain a minority stake.

SK Capital plans to support Ipackchem in boosting its international expansion, through both organic growth and new acquisitions.

Sagard mandated Natixis to run the sale process of Ipackchem in July 2020. According to press reports, the process attracted several bidders, including Chequers, Equistone and Stirling Square Capital.

The sale will end a holding period of around four years for Sagard, which bought Ipackchem from Céréa Capital and BPI France. Ardian provided unitranche debt in support of Sagard's buyout.

Under Sagard's ownership, Ipackchem accelerated its international expansion, opened new industrial sites in Brazil, Russia and South Africa, made a significant acquisition in China and expanded its executive team.

Previous funding
Céréa, alongside BPI France, carved out Ipackchem – then known as Spec Chem Packaging – from British business Chesapeake in January 2014. The deal saw Céréa acquire a majority stake for a value estimated between €25m and €50m.

Company
Established in 1987 as Airopak, a division of Air Products Group, Ipackchem specialises in producing barrier packaging, including bottles and containers.

Ipackchem operates eight production facilities, serving 500 customers in 35 countries.

The company employs 850 staff, and generates annual revenues of €120m and EBITDA of €25m.

People
SK Capital – Stephen d'Incelli (managing director).
Sagard – Antoine Ernoult‐Dairaine, Saïk Paugam, Maxime Baudry (partners).
Ipackchem – Jean‐Philippe Morvan (founder, CEO).

Advisers
Vendor – Natixis Partners (corporate finance); Mayer Brown (legal); PwC (financial due diligence); ERM (environmental due diligence); Betul Ekici (insurance due diligence).

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• Buyouts
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• Sagard Private Equity
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