The Autobar purchase was made through Sun European Partners, an affiliate of Sun Capital Partners,which bought the company from Charterhouse Capital Partners. Sun Capital is a private investment firmspecialising in leveraged buyouts and investments. Autobar makes plastic packaging for the food, drink, health, and home and personal care sectors.
The sale marks another shift of portfolios in Europe's packaging sector. Currently two Europeancompanies and a New Zealand investor are in a billion euro bidding war to gain control of beveragepackaging giant SIG Holding.
Dave Edwards, Autobar's chief executive, said the financial clout of the new parent company wouldbe able to help support the company in a competitive market.
" We are confident that the financial resources and operating experience of the purchaser will support our management team in a measurable fashion by strengthening Autobar Packaging's value proposition and by re-positioning our strategic operating plan tocapitalise fully on a wide range of new growth opportunities," he said.
Autobar, which is headquartered in Lyon, has fifteen production plants in Germany, the Netherlands, Spain, France, UK, Poland, and Bulgaria.
Autobar Packaging operates through three business units. Veriplast International makes plastic cups, glasses, andtrays. Autobar Rigid Packaging makes thin wall plastic packaging for dairy and other food segments. Autobar Flexible Packagingmakes consumer bags, pallet wrap, printed shrink film, food packaging, refuse bags, and envelopes.
The companies did not disclose the terms of the sale.
Autobar Packaging has an annual turnover of about €380m, and employs 2200 staff.