MidOcean counts its fourth deal in two weeks with packaging acquisition

MidOcean Partners, a mid-market private equity firm, has bought Europackaging, a supplier packaging products to retailers, for a reported £170 million to £190 million (€251 million to €280 million).  The current owners will retain a 20 percent minority stake in the business.  

Tesco: a Europackaging client

Graham Thomas, partner of MidOcean said: “The family have built the business over the last 30 years into a great platform but have made the brave family decision to sell and move from an entrepreneurial business.”

Aszard Majid, managing director, Europackaing, said: “Being a family business, we had the tendency not to borrow money so the company has no debt.  But expanding the business to our international customers required investment.”

Linklaters acted as legal advisor to MidOcean.  DLA Piper gave legal advice to Europackaging while financial advice came from Europa Partners and PricewaterhouseCoopers.  Lloyds TSB is providing debt financing.

MidOcean Partners’ targeted sectors include consumer and leisure, media and communications, business and financial services and industrials. 
 
In just over two weeks, MidOcean has announced four transactions.  Last week the firm bought Italian restaurant chain Sbarro for an undisclosed amount.  A SEC filing shows the purchase price to be $450 million.  MidOcean also sold Thompson Publishing Group to Avista Capital Partners, a private equity firm, and bought 50 percent of Prism Business Media from private equity firm Wasserstein & Co.