STOCKHOLM, June 2, 2017 /PRNewswire/ --
- EQT VI to sell Færch Plast, a leading provider of customized plastic packaging solutions for the food industry, to Advent International
- Færch Plast uses highly automated state-of-the-art production facilities and technology to provide customers with a uniquely tailored rigid plastic packaging offering
- During the ownership of EQT VI, Færch Plast has been transformed into a European leader within its target segments through organic growth, cost improvements, product expansions and increased scale from two add-on acquisitions
EQT VI Limited ("EQT VI") has entered into an agreement to sell Færch Plast (or the "Company") to Advent International ("Advent"). Færch Plast, headquartered in Holstebro, Denmark, was founded in 1969 and today offers leading plastic packaging solutions across Europe. The Company operates within three segments; Fresh Meat, Food-to-Go and Ready Meals, and today has leading positions within its target segments.
EQT VI acquired Færch Plast in 2014 with the ambition to drive continued organic growth across Europe, increase profitability through product optimization and explore M&A opportunities to gain immediate scale. During the ownership of EQT VI, Færch Plast successfully executed on these targets through:
- Strong continued organic growth through launches of new and innovative products
- Significant investments in the production platform, footprint optimization and sales force expansion
- Completion of two highly value accretive add-on acquisitions, and extracted significant cost and revenue synergies through implementation of best-practice production standards, an increased product offering and cross-selling
- Doubling the number of employees
As a result of the value creation initiatives driven under EQT VI's ownership, Færch Plast has approximately doubled both revenue and EBITDA since the acquisition.
"Færch Plast has been fundamentally transformed from a local champion to a pan-European leader in the rigid plastic trays market during the ownership of EQT VI. This has been a tremendous effort, led by CEO Lars Gade Hansen and his entire organization. Through two highly value-accretive add-on acquisitions, Færch Plast has expanded its product offering across Europe and implemented best-practice production standards to realize significant synergies. With the current platform, we believe Færch Plast is ready for its next growth journey and further internationalization, and we are confident that Færch Plast will continue to succeed in the future" says Mads Ditlevsen, Partner at EQT Partners and Investment Advisor to EQT VI.
"During the sales process, we have been looking for a new owner of the same quality and reputation as EQT, who can help us develop our business further and take Færch Plast to the next level. With Advent, we are convinced that we have found the right global partner, and we are excited about the journey in front of us", says Lars Gade Hansen, CEO of Færch Plast.
The parties have agreed not to disclose financial details of the transaction. The agreement is subject to customary anti-trust clearance and the transaction is expected to close in Q3 2017.
The sellers were advised by Credit Suisse, FIH Partners, Plesner, PwC and COWI.
Mads Ditlevsen, Partner at EQT Partners, Investment Advisor to EQT VI, +45 33 12 45 36
EQT Press Office, +46 8 506 55 334, firstname.lastname@example.org
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information: www.eqtpartners.com
About Færch Plast
Færch Plast was founded in 1969 and is headquartered in Holstebro, Denmark. The Company is a provider of customized plastic packaging trays for the food industry and manufactures more than 5 billion trays annually. Færch Plast offers a full range of rigid plastic trays within Fresh Meat, Food-to-Go and Ready Meals, and today the Company has leading positions within its target segments across Europe. Færch Plast employs more than 1,100 people with local operations in more than 15 countries.
More information: www.faerchplast.com
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
SOURCE EQT AB