CVC Asia Pacific, a pan-Asian buyout firm, has agreed to sell its 100 percent interest in Paperbox Holdings, a holding company of GS Paper & Packaging, for an undisclosed sum.
The deal is expected to close in April, Oji Paper said in a statement. CVC confirmed the deal but declined to comment further.
CVC paid RM 745 million (163.3 million; $224.2 million) in July 2007 for the acquisition of Genting Sanyen’s paper and packaging business, marking its first investment in Malaysia. The investment was made from CVC Asia Fund II, which closed on $1.975 billion in 2005.
Founded in 1992, GS Paper & Packaging is Malaysia’s largest player in the containerboard segment and also the country’s largest integrated paper and packaging manufacturer, according to its website. It has two paper mills with a capacity of 270,000 tons and two box plants with a capacity of 150,000 tons. As of December 2009, Paperbox had sales of RM536 million and total assets of RM1.01 billion.
In January, CVC teamed up with Indonesian retailer Matahari Putra Prima to acquire a 91 percent stake in its department store chain Matahari Department Store for about IDR7.2 trillion (€547 million; $774 million). This landmark deal was CVC’s first investment in Indonesia and is the country’s largest private equity investment to date.
CVC Asia Pacific manages assets of more than $6.8 billion. Thus far, the firm has invested in 31 companies with a combined enterprise value of more than $19.8 billion. It has offices in Hong Kong, Beijing, Seoul, Singapore, Sydney and Tokyo.