Arle Capital Partners' UK chemical company Innovia Films has acquired the remaining 50% stake in joint venture Securency International from the Reserve Bank of Australia (RBA).
Prior to the deal, Innovia owned a 50% stake in the company. RBA had been seeking a buyer for its stake in the business since 2010, according to reports.
Following the transaction, RBA will continue to use Securency for the production of Australian banknotes.
The deal is scheduled to complete on 28 February.
Securency was established in 1998 as RBA-UCB, a joint venture between UCB Films and the Reserve Bank of Australia. UCB rebranded to Innovia Films following the Arle-backed MBO in September 2004, worth €320m. Today, Innovia has a turnover of more than €400m and employs 1,350 people, producing cellulose and biaxially-oriented polypropylene film.
Headquartered in Craigieburn outside Melbourne, Securency produces a polymer-based print material for banknotes, which are used in 21 countries worldwide.
Partner Mark Dickinson worked on the deal on behalf of Arle. David Beeby is CEO of Innovia.
Equity - Allens (Legal); Linklaters (Legal); KPMG (M&A).
Vendor - Macquarie (Corporate finance).
Danish VC Heartcore Capital, UVC Partners and existing investor Picus Capital also take part
Deal is an extension of the $4.1m series-A funding round led by Blossom Capital in October 2019
Fresh capital will help the provider of cloud access services expand in western Europe
DBay has also negotiated a new revolving credit facility for the transport and logistics company