Bloomberg is reporting today that Cinven Ltd. may decide to sell Montabaur, Germany-based sheet manufacturer Klockner Pentaplast Group. This is another one of those stories that doesn't quote anyone on the record from the company. But given Bloomberg's sources in the investment banking community, there's probably something going on (although we know from experience that a lot of deals that get discussed never come to fruition). The story says a deal could bring about 1.3 billion euros including debt. Cinven will decide soon whether to move ahead with the plan, after talking to potential purchasers.
A sale would allow Cinven to earn a profit more than five years after it originally bought Pentaplast for 925 million euros from investment firm WCM Beteiligungs-und Grundbesitz AG. Since then, Cinven has tried to cut costs by shutting a plant in the Netherlands and expanded into Asia to boost profit.Klockner Pentaplast also announced a few weeks ago that it sold some flexible packaging plants in Germany and Finland to Wihuri Group's Wipak unit. Klockner is a global company, but its operations in North America ranked 14th in our most recent survey of North American film and sheet manufacturers.