Private equity investment firm Lindsay Goldberg Vogel is reportedly in exclusive talks with Swiss buyout firm Partners Group over the sale of Austrian flexible packaging company Schur Flexibles Group.
Lindsay Goldberg Vogel is the German arm of New York-based Lindsay Goldberg. In November, Lindsay Goldberg acquired the European pharmaceutical packaging firm Bilcare Research as it expanded in packaging.
Citing "people close to the matter," Reuters reported Dec. 11 that a deal was expected early next year, valuing the Wiener Neudorf, Austria-based company at up to 750 million euros ($818 million).
Founded in 2012 by German private equity firm Capiton and packaging specialist Jakob Mosser, Schur Flexibles was acquired by Lindsay Goldberg in 2016 and has gone through a significant growth period since.
Under Lindsay Goldberg's ownership, Schur improved annual sales from 370 million euros ($403 million) in 2016 to 520 million ($567 million) in 2018 and increased the number of its manufacturing sites across Europe from 11 to 22.
Through the course of 2018, Schur acquired three Dutch operations: Cats Flexibles Packaging; Hänsel Flexible Packaging; and Nimax from the Clondalkin Group, France-based UNI Packaging as well as Swedish producer of printed flexible packaging laminates Scandiflex Pac AB.
The company also acquired two Dutch packaging businesses of Zwart, focused on the coffee and tea end markets, and TSO, which sells roll-your-own tobacco solutions, in 2017.
The Austrian group is a leading manufacturer of flexible packaging products in Europe across a range of end markets including meat and cheese, confectionary, pharmaceutical specialties and tobacco.
The company operates plants across Germany, Finland, Denmark, Netherlands, Poland, Sweden, France, Slovakia and Greece.
Schur Flexible declined to discuss the report, saying it did not comment on "rumors."