Egeria acquires Clondalkin Flexible Packaging Group

By Jim Cornall

- Last updated on GMT

Egeria has acquired 100% of the shares of international packaging company Clondalkin.
Egeria has acquired 100% of the shares of international packaging company Clondalkin.

Related tags Private equity

Dutch private equity firm Egeria has signed an agreement to acquire 100% of the shares of Clondalkin Flexible Packaging Group from an affiliate of Warburg Pincus.

Clondalkin is a global packaging manufacturer with 11 sites in The Netherlands, Germany, Switzerland, UK and US, which supply more than 45 countries.

The company, which specializes in coated and laminated waxed papers and foils, pre-cut lids, polymer-based sheets, rolls, sleeves and bags, has a turnover of approximately €400m ($449m).

Strong in food and beverage sectors

Nicholas Mockett, head of packaging M&A at financial adviser Moorgate Capital told this website that Clondalkin Flexibles is an exceptional business and a major player in the dairy segment.

Its products include lids for drinks, yogurts, and milk.

He said that it has market leadership positions in its chosen segments throughout Europe, North America and farther afield.

“Clondalkin is particularly strong in food and beverage, which include some of the highest growth markets within the flexible packaging industry - which itself is the highest growth packaging segment,”​ Mockett said.

Culture of innovation

It is active in shrink sleeves, stand-up pouches, multiple applications for the growing ‘away from home’ or ‘food to go’ segments, he added.

“Clondalkin has a culture of innovation and new product development and consequently its portfolio of flexible packaging products includes complex multi-layer and barrier films as well as foils, laminates and coatings,”​ Mockett said. 

“There is a particularly strong management team at Clondalkin Flexibles and I have no doubt that they will be continuing Clondalkin’s rise to the very top of the European market alongside peers Amcor, Constantia, Mondi, and Sealed Air.”

‘Interesting trend’

He noted that this is the third significant European flexible packaging company in three years to be passed from one private equity house to another.

“In early 2015, One Equity sold Constantia to Wendel, in July 2016 Capiton sold Schur to Lindsay Goldberg and now Warburg Pincus is selling Clondalkin to Egeria. This is an interesting trend, highlighting the attractions to investors of robust packaging industry and the high growth flexibles sector in particular,”​ Mockett said.  

Expected transaction in Q4

Paddy Mullaney, CEO of Clondalkin said the company was delighted to team up with Egeria for the next step of its development plan.

Completion of the transaction is expected to take place in Q4 2016.

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