Ownership of Clondalkin Flexible Packaging Group is moving from one private equity firm to another.
Egeria Capital Management B.V., based in Amsterdam, is acquiring Clondalkin from an affiliate of Warburg Pincus, based in New York.
No purchase price was released in the announcement of the deal, but the firms indicated Clondalkin has annual sales of approximately $449 million (400 million euros).
Clondalkin has 11 plants, including one in Orlando, Fla. Other sites are in the Netherlands, Germany, Switzerland and the United Kingdom.
The flexible packaging maker expects to continue to grow under its new ownership.
“Egeria's experience in supporting businesses will further facilitate and strengthen Clondalkin's continued development and expansion,” said Clondalkin CEO Paddy Mullaney in a statement.
“The company has a long history of delivering high value added products and putting its customers first. We are committed to supporting Clondalkin and are convinced it has attractive growth opportunities,” said Egeria partner Floris Waage in a statement.
The deal is expected to close in the fourth quarter.
Clondalkin makes a wide variety of packaging, including barrier films, biodegradable films, lidding films, bundle wrapping, cereal liners, flower sleeves, frozen food film, lids, shrink sleeves, skin packaging, stand-up pouches, and home and personal care films and laminates.
