Linpac offloads five assets to Chamonix

Debt for the deal was provided by HSBC Bank, HSBC Invoice Finance and Investec Bank.

In 2010 the businesses had combined sales of over £70m, and employed approximately 450 people. All are based in the United Kingdom, although Intellident has a small presence in France and the Netherlands.

Linpac will use the proceeds of the deal to pay down debt, according to Linpac executive chairman John Darlington. He further added in a statement that the disposal will enable senior management to better focus on core aspects of the business.

The five businesses are Apex Space Solutions, a Milton Keynes-based racking and shelving business; Leafield Environmental, which operates from Wiltshire; Regain Polymers, a Yorkshire-based plastic recycler; Intellident, which privides barcode solutions from Stockport; and Caldicot Metal Decorating, a printer of tinplate and aluminium based in Gwent.

PricewaterhouseCoopers provided corporate finance, due diligence and tax advice to Chamonix. Olswang was Chamonix's corporate legal adviser. Fund legal advice was provided to Chamonix by M J Hudson LLP.

Ernst & Young and Marriott Harrison advised Linpac.

 

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