Clondalkin Group Holdings Ltd., has been sold to New York buyout specialist Warburg Pincus International LLC for 630 million euros ($781 million).
Dublin-based Clondalkin's holdings include film extruder and converter Fortune Plastics Inc. of Old Saybrook, Conn.
Warburg Pincus plans to take advantage of expansion opportunities via acquisition, particularly in Asia and North America, according to a news release. The vast majority of Clondalkin's 40 manufacturing plants are in Europe.
``Warburg Pincus' financial support and international experience will help us to develop and grow in all our geographic markets,'' said Clondalkin Chief Executive Officer Norbert McDermott in a news release. He and other senior managers will own a stake in the firm.
In addition, Warburg Pincus said it plans to take a higher profile in Europe and make additional acquisitions.
Clondalkin reported profit of $88.7 million on sales of $672 million in 2002. Warburg Pincus is buying the company from British private equity firm Candover Investments plc, which bought it for 550 million euros ($586 million) in 1999.
Clondalkin's major product lines include lids and seals for dairy containers, plastic flower sleeves, agricultural produce bags and freezer bags.