N+1 wraps up Viscofan exit

N+1 has sold its 7% stake in packaging manufacturer Viscofan in a deal valued at EUR45m. The transaction generated an IRR a little under 33% and a money multiple of 2.2x. The success of the build-up strategy undertaken by the company and the price increase in the company's shares rendered alternative exits irrelevant.

The original deal was closed in 2004 through N+1 QMC fund. The backers acquired the participation of shareholders desiring to exit from their investment in a deal valued at EUR22m.

Navarra-based Viscofan is a listed company that was founded in 1975. It specialises in the manufacture and distribution of artificial casings for the meat and food industry. In 2006 it reported a turnover of EUR510m and an EBITDA of EUR31.3m.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Southern Europe