Logoplaste SA is seeking new financing, but the Portugal-based rigid plastic packaging group will not be sold, CEO Filipe de Botton has told Plastics News Europe.
Contrary to a Reuters news report, selling the business is not one of the options Logoplaste is looking at, he said.
“We are planning a capital increase of the company to cope with its growth, but there is no implication for the shareholder structure,” said de Botton, who is the majority shareholder of Logoplaste.
The group has hired Credit Suisse to look at financing alternatives. The possible financing routes include a bond issue or other forms of debt raising, but no decision has yet been made about the type of financing, said de Botton.
He spoke to Plastics News Europe after Reuters published a report March 29, in which the news agency said it had been told by unnamed sources that five private equity firms — Advent, CVC, PAI, Carlyle and Canada's Onex — are all interested in a possible bid for Logoplaste.
De Botton said it is normal for companies to explore different finance-raising options, and financial advisers often suggest an equity sale, along with other options. But a sale of the company is not one of the options for Logoplaste, he said.
“My gut feeling is there will be no change [in Logoplaste's ownership] in the future,” he said.
Logoplaste is a specialist in "through the wall" operations, producing bottles and containers for its customers from "just-in-time" plants installed at the site of the client. The group manages more than 59 factories, with locations in 17 countries in Europe, the Americas and Asia.
Its customers include global brand owners including Procter & Gamble, Reckitt Benckiser, Nestlé and Diageo.
