Private Equity News & Analysis

Barclays in secondary spray can deal

The private equity arm of UK banking giant Barclays has paid NI Partners an undisclosed sum for The Aerocan Group, one of Europe’s largest manufacturers of aluminium aerosol cans.

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Barclays Private Equity has bought The Aerocan Group, a European manufacturer of aerosol cans, from French private equity firm Natixis Investissement Partners, or NI Partners, which is a subsidiary of French banking group Natixis. Financial details were not disclosed.

The Aerocan group, formally known as Cebal Aérosols, produces and sells  aluminium aerosol cans, which are principally used by the cosmetic and pharmaceutical industries. It has four manufacturing plants throughuot Europe.

Aerocan: under
new ownership

NI Partners acquired the company for an undisclosed amount in 2006 when it spun out from parent company Alcan. According to NI Partners' website, the company has a turnover of around €85 million ($114 million).

NI Partners manages €400 million through the SCR Natixis Investissement, and has invested €230 million in the last five years. As an SCR – or société de capital risque – funded by Natixis Private Equity, NI Partners is not bound to the same exit horizons as fixed life fund.

Barclays Private Equity is currently investing the €2.4 billion Barclays Private Equity European Fund III, which closed in September 2007. The group invests between €500 million and €700 million of equity capital each year purchasing approximately 15 to 20 companies.