Barclays Private Equity has sold Aerocan, a European manufacturer of aerosol cans, to US-based packaging and aerospace company Ball for €221 million. Further financial details of the transaction were not disclosed.
Aerocan produces and sells aluminum aerosol cans, which are principally used by the personal care, pharmaceutical and food industries. It has four manufacturing plants throughout Europe and employs approximately 480 people.
In October of 2008, BPE took control of Aerocan from French private equity firm Natixis Investissement Partners, or NI Partners, which is a subsidiary of French banking group Natixis, for an undisclosed sum.
The news follows BPE's exit of LSL Property Services, a UK-based residential property service company, for £27 million ($43 million; €32 million). The firm sold its remaining 12.6 percent stake in the company in late November.
The mid-market firm has been active in the exits market as of late as it prepares to spin out from parent Barclays Capital. BPE will be led from its Paris office by French veteran Guillaume Jacqueau. Jacqueau, 45, is currently a managing director and a member of the European executive committee. Post spin-out, which will happen when the latest fund reaches its first close, Jacqueau will be elevated to managing partner and country head for France, according to a memo sent to investors and seen by PEO.