Private investment group Lindsay Goldberg LLC has acquired flexible packaging company Schur Flexibles Group and plans to add on to the company.
Schur, based in Baden, Austria, mostly produces composite products made from paper, plastic and aluminum, with half of its 370 million euro ($406.9 million) in sales to the food industry, said New York-based Lindsay Goldberg in a July 25 news release.
The sale, for an undisclosed price, is subject to customary closing conditions and is expected to close in the third quarter of 2016.
Four-year-old Schur Flexibles was formed by German private equity firm Capiton and packaging specialist Jakob Mosser. The acquisition is Lindsay Goldberg's second investment in a European packaging company, in 2012 Lindsay Goldberg invested in the Weener Plastics GmbH.
CEO and co-owner Jakob A. Mosser will continue to lead Schur Flexibles and the company is looking at more growth.
“We aim to drive organic growth and make accretive acquisitions. We have already identified a number of target companies that could create value for the portfolio,” said Thomas Ludwig, managing partner of Lindsay Goldberg's German affiliate.
Michael Dees, a partner at Lindsay Goldberg, added: “The acquisition of Schur Flexibles aligns perfectly with Lindsay Goldberg's investment strategy in Germany and other markets. We are very excited to partner with and support the Schur management team as it continues to pursue its successful growth strategy.”
Schur Flexibles has grown through a "buy and build" strategy and now has 11 production plants across Germany, Denmark, the Netherlands, Poland, Finland, Greece and Slovakia. It currently employs around 1,100.