3i, Baring exit Derprosa Film

3i is understood to have returned around 1.6x money and proceeds of approximately €14m, half of which will go to 3i, representing an uplift of 65% on the firm's book value as of December 2013.

The private equity duo entered the firm's shareholding in 2000, following the acquisition of the asset from parent company Cepsa. Baring invested via Baring Iberia II, which closed on €87m in 2004.

Under private equity ownership, Derprosa restructured its business and focused on product development and international expansion. In the last four years, the company has launched 14 products.

The transaction is expected to close at the end of April and has received the approval of the Taghleef board.

Company
Founded more than 25 years ago and based in Jaén, Derprosa operates in the development and production of flexible packaging films for the graphic arts and food packaging markets. The company's network spans 60 countries with a branch in the US and facilities in Portugal, France, Italy, Germany, the UK and Spain.

People
Maite Ballester is chairman of 3i Spain. Alejo Vidal-Quadras is head of 3i Spain.

Advisers
Vendor (3i) - Araoz y Rueda, Francisco Aldavero (Legal).
 

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