Private Equity News & Analysis

HSBC PE leads packaging MBO

The private equity division of HSBC has backed the MBO of Crown Cork & Seal’s European pharmaceutical packaging business.

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Ridson Pharma, a manufacturer of packaging for the pharmaceutical industry, has been bought by its management in a deal backed by HSBC Private Equity. Ridson Pharma is being acquired from Crown Cork & Seal for approximately E97m.

HSBC Private Equity has contributed equity to the deal alongside Crédit Industriel et Commercial, who provided mezzanine and senior debt. The financing includes E12m for the company’s proposed expansion as well as a E6m revolving facility.

The deal was carried out by HSBC Private Equity in Paris. The firm was advised Linklaters & Alliance and DLA (legal) and Pricewaterhouse Coopers (due diligence).

Risdon, which employs 300 staff across its two manufacturing plants in Germany and France, is expected to generate sales of E52m in 2002.

HSBC Private Equity is the European private equity arm of the HSBC Group. It has external and internal funds under management of over E1.7bn, with offices in the UK, France, Germany and Sweden.

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