14 Dec 2015
Paris, France - PAI Partners (“PAI”), a leading European private equity firm, announces today that it has agreed to enter into exclusive discussions with RPC Group Plc (“RPC”) for the sale of Global Closure Systems (“GCS”), a European leader in plastic closures and dispensing systems.
Completion of the transaction remains subject inter alia to consultation with GCS’s Works Councils, clearance from the relevant competition authorities and RPC’s shareholders’ approval.
GCS, with operations in Europe, Americas and Asia, is one of the world’s largest specialists in plastic closures and dispensing systems with LTM September 2015 reported sales and EBITDA of €603 million and €95 million respectively.
Initially a collection of separate divisions carved-out from Crown Holdings, GCS has been transformed under PAI’s ownership into an efficient group repositioned towards value-added closures and dispensing products in selected markets. PAI has supported a substantial investment program in people, industrial and R&D capabilities allowing the company to significantly increase its growth and profitability profile. The company is well placed to pursue its expansion strategy across value-added products and key geographies.
The sale of GCS represents the sixth exit from PAI Europe IV.
Laurent Rivoire, Partner at PAI, commented:
“The proposed acquisition of GCS by RPC is a testimony to the quality of the GCS business and its strategic value within the rigid plastic packaging industry. We would like to thank GCS management and employees for the transformation journey they have accomplished with our support. Through strategic and operational changes, GCS has demonstrated its ability to grow selectively in the most attractive market segments while relentlessly continue to improve its operations. With the proposed acquisition by RPC, we are confident GCS will continue to thrive in the years to come.”
Credit Suisse is acting as sole financial advisor of PAI on this transaction.