May 4 2007
The Klöckner Pentaplast Group (Luxembourg) announced today that an affiliate of The Blackstone Group (London, UK) has signed a contract to acquire the company and all its holdings from Cinven (London, UK) and JPMorganPartners LLC (CCMP Capital Advisors, LLC, manages their investment) (New York, USA, and London, UK). The Blackstone Group is one of the world’s leading private-equity firms. The purchase price is 1.3 billion Euro ($1.8 billion USD). The sale is subject to approval by various regulatory authorities. Approval is expected by June.
According to Lionel Assant, managing director of The Blackstone Group, “Klöckner Pentaplast has a strong international market position and performance. Klöckner Pentaplast is committed to providing its customers with the most innovative and comprehensive solutions to meet their films needs. The Group’s high-quality films, superior technical expertise and support, and its global manufacturing platform have earned its position as a recognized industry leader. We will continue to support Klöckner Pentaplast’s aggressive growth and investment strategy.”
The management of the Klöckner Pentaplast Group will remain in place. According to Tom Goeke, CEO of the Klöckner Pentaplast Group, “The Blackstone Group is committed to the company’s strategic goals. With their backing, we will continue to pursue the expansion of Klöckner Pentaplast.”