Food packaging supplier ÅR Packaging Group has changed hands from one private investment company to another.
CVC Capital Partners have signed a binding agreement to acquire 100% of the company from its current owners, Ahlstrom Capital and Accent Equity. The value of the transaction is thought to be around €500 million.
Headquartered in Sweden, the company, which posted a 27% increase in net sales last year, is principally a manufacturer of folding carton and flexible packaging in the food industry, as well as other segments.
“We are on an exciting trajectory, building on last year’s strong performance and operational progress, and I would like to take this moment to thank Ahlstrom Capital and Accent Equity for their support over the last years,” said Harald Schulz, president and CEO of ÅR Packaging. “We are now well placed for the next phase of our development and CVC’s expertise, financial resources and global network make them the perfect partner to help us achieve our long-term growth ambitions.”
CVC Nordic chairman Peter Törnquist said: “ÅR Packaging is a key player in the European packaging space with an excellent management team, a strong product portfolio and many strategic client relationships. We believe there are significant opportunities to grow the business organically and through acquisitions while continuing to put the customers first. We look forward to deploy CVC’s global resources and to work with ÅR Packaging’s management team and employees in achieving their vision for the future.”
And Hans Sohlström, CEO of Ahlstrom Capital, continued: “Ahlström Capital has been the main shareholder in ÅR Packaging and its predecessor A&R Carton since 2000. It has been a pleasure to work with the management to build ÅR Packaging into a leading speciality packaging company that now stands on a strong footing to pursue the next steps in its development. In CVC, the company will have a strong and global partner for the future and I would like to wish them and the management team all success in the next phase of the company’s international growth.”
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