Los Angeles-based private equity firm Oaktree Capital Management has signed a definitive agreement to acquire a controlling interest in German packaging company Nordenia International.
No consideration was disclosed for the transaction, but a source close to the deal said that Oaktree paid in excess of €425 million ($513 million).
Caleb Kramer, a managing director in Oaktree’s London office, told PEO that the investment would be made from the firm’s vintage 2004 Principal Opportunities Fund III.
Kramer added that Oaktree will continue to support Nordenia’s global presence. “We liked their ability to operate plants in Europe, North America and Asia,” he said. “We want to continue that global reach and extend their already good relationship with food multinationals, as well as focus more on technological development and product research.”
Greven, Germany-headquartered Nordenia is a global manufacturer of specialty flexible packaging, technical films and product components. The company employs approximately 3,000 people in manufacturing and sales operations throughout Europe, North America, Africa and Asia.
According to Nordenia, sales figures for 2005 were approximately €430 million.
Kramer said that Oaktree’s Frankfurt office has been active for approximately 18 months and has made two other private equity transactions in that period: the November acquisition of the gelato division of Italy-based Roncadin for approximately €152.5 million; and the purchase in March of an 85 percent stake in Berlin housing company Gehag for an undisclosed sum.
Oaktree’s Principal Opportunities Group manages approximately $3.5 billion (€2.9 billion) in private equity investments. Founded in 1995, the firm has over $29 billion in assets under management and additional offices in New York, Frankfurt, Singapore and Tokyo.