Sun European Partners buys Kobusch-Sengewald from Pregis

Pregis has agreed to sell its Kobusch-Sengewald business to Sun European Partners, the European adviser to American private investment firm Sun Capital Partners, for €160 million.
 
Kobusch-Sengewald is a leading supplier of specialized flexible packaging films for the food, consumer goods and medical industries, along with semi-rigid and rigid packaging solutions for the high-end food market.  Kobusch-Sengewald employs more than a 1,100 people across six manufacturing sites, with two in Germany, three in the UK and one in Egypt.  Sales of the Kobusch-Sengewald business for the 12 months ended September 30, 2011 were €211.6 million, with adjusted EBITDA of €24.8 million. 
 
Pregis is a manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions.  It said the proceeds from the sale will be used to repay a portion of its asset-based lending facility and will be otherwise retained for debt repayment, general corporate purposes, and future reinvestment.
 
Glenn Fischer, president and CEO of Pregis, said: ‘I am pleased to announce the sale of our Kobusch-Sengewald business.  We wish the best of luck in the future to Børge Kvamme [Kobusch-Sengewald CEO] and his management team and I am confident the business will continue to thrive under its new ownership.’