One Equity portfolio company raises €19m via property sale and leasebacks

One Equity’s packaging firm Schoeller Arca Systems, which counts Coca Cola and Heineken among its clients, has sold the two manufacturing facilities to NYSE-quoted real estate firm, W. P. Carey.

Shoeller Arca Systems is selling the property interests in two manufacturing facilities it operates in a move to re-capitalise its balance sheet.

The private equity-owned reusable plastic packaging firm is selling and leasing back facilities in Monheim, Germany and Nurieux in France for €19 million ($30 million). 

NYSE-quoted W.P. Carey is acquiring the properties for its non traded REIT affiliate, CPA®:16 – Global.

The deal is an example of a private equity-owned company using its real estate assets to strengthen the balance sheet. Schoeller was acquired in January this year at an enterprise value of €420 million by One Equity Partners, the JPMorgan Chase’s mid-market private equity arm.

Stirling Square Capital Partners, a European private equity firm, agreed to sell its controlling stake in Schoeller Arca Systems to One Equity Partners for an enterprise value of €428 million a year ago.

Stirling Square acquired in Schoeller Wavin Systems for €143m from the Schoeller family, who had founded the original business. Schoeller Arca Systems was then created through the acquisition of Swedish company Arca Systems in February 2005.