CVC puts Torraspapel up for sale
CVC Capital Partners is searching for new owners for Torraspapel, a Catalan company which has been in its portfolio for the past 12 years.
Several banks are said to have been hired to manage a dual-tack sales process, in which the viability of an IPO will be investigated and potential trade buyers will also be sought.
A sale would represent an exit from the oldest company in CVC's Spanish portfolio, which began in 1989, when the private equity firm still formed part of Citigroup.
The buyout house first acquired the paper mill in 1999 for €580m (including €264m debt) from investment group kuwati KIO. The acquisition was financed through another paper company owned by CVC, Lecta Group.
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