CVC acquires ÅR Packaging from Accent and Ahlstrom

Accent will divest its 35% stake in the company as part of the transaction, which sees CVC acquire a 100% ownership of ÅR.

The GP had tapped SEB Corporate Finance to run the sales process and Reuters reported the deal had an EV approaching €450m. CVC said in a statement it saw significant opportunities for organic and acquisitive growth in ÅR.

Previous funding
Accent took a minority stake in ÅR in 2011 alongside Ahlstrom, as part of the merger between Å&R Carton and Flextrus.

The GP called capital from its 2007-vintage €380m Accent Equity 2008 vehicle for the investment.

Company
Headquartered in Lund, ÅR is a manufacturer of packaging, offering branded products, barrier packaging and food packaging.

The company produces packaging for cigarettes, ice-cream, tea and flour, among other goods.

ÅR employs 2,200 people across nine countries and posted €560m of pro forma revenues in 2015.

People
Accent Equity – Jan Ohlsson (chair).
CVC Capital Partners – Peter Törnquist (chair of CVC Nordic).
ÅR Packaging – Harald Schulz (CEO).

Advisers
Vendor – SEB (corporate finance); Roschier (legal); PwC (tax); Boston Consulting Group (commercial due diligence).
Equity – Citigroup (M&A); KPMG (financial due diligence); Cederquist (legal); Bain & Co (commercial due diligence).

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