Carlyle sells Logoplaste stake to OTPP

Filipe de Botton and Alexandre Relvas will retain their stake of around 40% in the business following the sale.

Carlyle invested in Logoplaste in June 2016, deploying equity via Carlyle Europe Partners IV, which held a final close on €3.75bn in July 2015. The deal valued the business at €660m, equating to an entry multiple of around 8.5x the company's €78m 2016 EBITDA. The GP initially acquired a 50% stake, subsequently increasing this to 60%.

According to a contemporary report from Unquote sister publication Debtwire, a consortium comprising Barclays, Credit Suisse, BNP Paribas, Credit Agricole, ING Bank Hong Kong, Unicredit and Mizuho provided €370m a senior debt package, as well as a €50m RCF and a €150m capex facility to support the deal.

During the investment period, Logoplaste acquired Poland-based Masterchem, as reported by Unquote. The company also expanded its activities in Europe, North America and Brazil, Carlyle said in a statement.

Logoplaste also took out a term loan in 2020 that links the company's interest payments to the achievement of CO2 savings targets, Carlyle said in the same statement. The loan was intended to amend the company's pricing structure on its existing debt package.

Unquote sister publication Mergermarket reported in August 2020 that Carlyle had placed its majority share in Logoplaste up for sale, with the company expected to be valued at around €1.1bn, based on similar deals and assuming an entry multiple of around 10x. The publication reported in December that the process had been launched.

Mergermarket reported in January 2021 that Carlyle had shortlisted Cinven, Apax Partners, OTPP and BC Partners*, citing four sources. Other bidders previously linked to the process include PAI Partners, Partners Group and Ardian, Mergermarket also reported.

*BC Partners holds a minority stake in Acuris, the parent company of Unquote.

Previous funding
In December 2004, API Capital acquired a minority stake in Logoplaste, investing €10m.

Company
Founded in 1976, Logoplaste produces plastic packaging for home care, auto car and personal care products, as well as for the food and beverage and dairy industries. The company aims to offer packaging that produces less CO2 than other market alternatives by reducing transport and secondary packaging.

Logoplaste is headquartered in Cascais, Portugal. It has more than 2,300 employees and operates 64 plants across 16 countries. The company generated revenues of €600m and EBITDA of €120m in 2020.

People
Logoplaste – Gerardo Chiaia (CEO); Filipe de Botton (chairman).
Carlyle – Alex Wagenberg (managing director).
Ontario Teachers' Pension Plan – Nick Jansa (senior managing director, Europe, the Middle East and Africa).

Advisers
Vendor – Barclays (corporate finance); Goldman Sachs (corporate finance); Linklaters (legal).
Acquirer – Credit Suisse (corporate finance); Weil, Gotshal & Manges (legal); Uria Menéndez (legal); EY (tax).

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