Klöckner Pentaplast Said to be Up for Sale
Private equity investor Strategic Value Partners (SVP) plans to offer German plastic film manufacturer Klöckner Pentaplast for sale, news agencies have reported, quoting unnamed sources.
Reuters and Bloomberg said they have learned that Goldman Sachs and Jerreries Group are acting as advisers and will send out information this month, with tentative bids expected in July.
The reports said a sale could value Pentaplast at around €1.5 billion.
In 2013, SVP is said to have tried to sell the company based at Montabaur but did withdrew the offer because the asking price was not met.
The Connecticut fund bought the company with annual sales of €1.2 billion in 2012 from private equity investor Blackstone, which previously had bought it from another investor, Cinven Partners.
Klöckner primarily supplies the pharmaceutical, food, beverage and credit card sectors. It has production bases in several countries, including the UK, Portugal, Brazil, Argentina and China.
