Schur Flexibles Group sold to US private equity firm

New York based private equity firm Lindsay Goldberg is to acquire Schur Flexibles Group, for an undisclosed fee.

Austrian firm Schur Flexibles manufactures flexible packaging products in Europe across a range of end markets including meat & cheese, confectionary, pharmaceutical specialties and tobacco.

Schur is one of the main second tier flexible packaging companies in Europe, behind Amcor and Constantia.

Headquartered in Baden, Austria, Schur Flexibles manufactures flexible packaging which mostly consists of composite products made from paper, plastic and aluminum.

Last year the packaging firm registered €370m turnover, half of which were generated from the food industry.  The Company covers the entire value-added chain in the packaging industry – from the procurement of raw materials to extrusion, pressing, lamination and processing.

A company statement read: “Subsequent to our first years as a group, where we experienced tremendously strong support by our major shareholder Capiton, Berlin, we can now rely on Lindsay Goldberg as an industry experienced and strongly capitalized owner offering an excellent basis for further corporate development.”

This deal is the second foray by the private equity firm into the European packaging market. In 2012 it invested in the Weener Group, during which employee headcount increased from 1,200 to 2,000, sales increased from €140m to €270m, and earnings achieved similar performance.

“We aim to drive organic growth and make accretive acquisitions. We have already identified a number of target companies that could create value for the portfolio,” said Thomas Ludwig, managing partner of Lindsay Goldberg’s German affiliate.

Nicholas Mockett, head of packaging M&A at Moorgate Capital, said: “This is underpinned by strong growth and performance, due to innovation and barrier-properties, graphics and branding opportunities, and efficiencies of the flexible packaging format. Global growth is expected to be 3 to 4 % to 2020.”