Arle looks to cash in on Innovia

It is understood that Arle is offloading the business in order to return cash to LPs before it raises a new fund. However, Arle may also explore other options, such as deal-by-deal funding. The firm is committed to raising fresh capital at some point in the future and is believed to be looking at a number of potential new investments.

Innovia's EBITDA is around €70m, with turnover of more than €400m and employing 1,350 people, according to unquote" data.

The company produces cellulose and biaxially-orientated polypropylene film, a print material used for banknotes, deployed in 12 countries including Australia, Canada and Mexico. Innovia's films are also used in food packaging and tobacco labels.

Arle initially acquired the company in September 2004 in a management buyout worth €320m when the business was named UCB Films. In February this year, Arle acquired the remaining 50% stake in joint venture Securency International from the Reserve Bank of Australia. Previously Innovia owned a 50% stake in the company. 

Arle will sell the recently expanded group, comprising both the Securency operation and the packaging activities, as one unified entity. 

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• Arle Capital Partners
• Deutsche Bank