An affiliate of the UK-based Blackstone Group has signed a contract to acquire the Klöckner Pentaplast Group and all its holdings from Cinven and JPMorganPartners for $1.8 billion.
The sale is subject to approval by various regulatory authorities and approval is expected by June.
The Klöckner Pentaplast Group is the world’s leading producer of films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications.
Founded in 1965 in Montabaur, Germany, Klöckner Pentaplast has grown from its initial facility to 21 current production operations in 11 countries. The company has sales of over $1.6 billion (Euro 1.2 billion) and employs more than 3,400 people worldwide.
The Blackstone Group is an alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds.
The company also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement service.
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I _do_ remember British Rail - and that it was <i>literally</i> a national joke https://youtu.be/zV2lmSDKvO8