Global blow molder Logoplaste SA has a new majority owner: The Ontario Teachers Pension Plan Board.
Ontario Teachers acquired the majority stake in Portugal-based Logoplaste from investment firm Carlyle Group, officials said in a Feb. 26 news release. Current Logoplaste shareholders and executives Filipe de Botton and Alexandre Relvas will retain their approximately 40 percent stake in the firm. Financial terms of the deal were not disclosed.
Carlyle had announced plans to seek a buyer for its majority stake in Logoplaste in August. At the time, a Bloomberg report said Carlyle's stake was valued at $1.2 billion.
Logoplaste's business model centers on co-locating its operations at the plants of its customers. Officials said that doing so eliminates secondary packaging waste and reduces transportation needs.
Logoplaste makes packaging for a wide range of brands including Coca-Cola Co., Kraft Heinz Co., L'Oreal SA, Nestlé and Procter & Gamble. Overall, Logoplaste operates at 62 locations in 16 countries.
Ontario Teachers is Canada's largest single-profession pension plan and a major global private equity investor. The board has invested in more than 500 companies and funds since 1991.
Washington-based Carlyle had been majority owner of Logoplaste since late 2016. Officials said that "this successful investment is another example of Carlyle's strategy of working in partnership with entrepreneurs and management teams to execute value creation initiatives."
They added that during Carlyle's ownership, Logoplaste has delivered strong growth. That growth has been achieved organically, through investment and development of additional facilities across Europe, North America and Brazil, and through acquisitions, notably a majority stake in Poland's Masterchem.
Logoplaste's activities in North America have more than tripled in the last five years, while the firm has continued to expand in Europe, officials said. Logoplaste's North American growth includes plans to build a 100,000-square-foot plant in Perry Township, Ohio, announced in June.
Logoplaste CEO Gerardo Chiaia said in the release that the deal with Ontario Teachers "marks an exciting new chapter for our company as we look forward to the continued growth opportunity for Logoplaste and its customers."
He also thanked Carlyle for its partnership and support in maintaining Logoplaste's position as a leading provider of rigid packaging solutions for the consumer goods industry.
Ontario Teachers senior managing director Nick Jansa added in the release that the board sees Logoplaste as "a great fit for our Private Capital portfolio given their industry leadership, highly resilient business model and strong commitment to sustainability."