Flexible packaging producer Clondalkin Group Holdings Ltd. is for sale, according to a published report. The Dublin-based company owns Fortune Plastics Inc., an Old Saybrook, Conn.-based film extruder and converter.
Clondalkin was publicly held until 1999, when it was acquired by private equity firm Candover Investments plc. According to a report on the Daily Deal Web site, Candover has hired Deutsche Bank AG to find a buyer for the converter, which could attract a price of about $750 million.
The diverse private packaging and printing firm has 40 operations across Europe and the United States. Its packaging operations include blown and cast film, plus plastic, paper and foil converting.
Since its takeover by Candover through a management buyout in 1999, Clondalkin has grown by acquisition, notably with its 2001 purchase of plastics, foil and carton packaging company Frievaart Holdings BV of Leeuwarden, the Netherlands. That deal added six plants in Germany and the Netherlands, primarily serving food and confectionery markets.