Carton Pack attracts Chequers, Clessidra, A&M Capital Europe

On the trade buyer front, Germany's Klöckner Pentaplast is said to be "very hot" on the upcoming auction, two sources said.

According to these sources, Carton Pack would have a strategic fit with Klöckner's Italian operations in polypropylene (PP) and polystyrene (PS) mono- and multi-layer rigid films, which it acquired from AMB in 2011.

Ferplast, an Italian packaging materials company, has been invited to bid, these two sources added, disclosing that the company is yet to decide whether it will.

Non-binding offers are due mid-November, the two sources said.

In September, Mergermarket reported that private equity firm 21 Invest had hired Vitale&Co and William Blair to guide it in the sale. The transaction entails an 80% stake owned by the sponsor, but a full sale has not been ruled out.

21 Invest acquired its stake in Carton Pack in July 2018, with the Leone family keeping the other 20%.

The vendor is looking for a double-digit valuation, based on the company's heritage and market position, one source said. However, according to another source, Carton Pack counts on a single-asset site in the Puglia region and serves the farming industry with plastic packaging products, which could make it less attractive to a buyer.

Moreover, France is to introduce new legislation banning plastic packaging for almost all fruit and vegetables from the beginning of next year, one source said, noting that if other countries decide to follow suit this could have a negative impact on companies in the space.

Carton Pack, 21 Invest, Clessidra and Vitale&Co declined to comment. Chequers, Alvarez & Marsal, Klöckner Pentaplast, Ferplast and William Blair did not return requests for comment.

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• Topics
• Buyouts
• Southern Europe
• Industrials
• Exits
• Clessidra Capital Partners
• Chequers Capital
• Mergermarket
• 21 Investimenti