Sun Europe packs up ninth deal of the year

The deal, a corporate carve-out of a packaging company, is familiar territory for Sun Capital Partners’ European affiliate.

Sun European Partners has acquired a majority stake in the plastics division of Finnish packaging manufacturer Huhtamäki Oyj, its ninth deal of the year, for an undisclosed sum.

The firm was attracted both to purchasing another packaging company and to completing another corporate carve-out said principal Scott Edwards, speaking to PEO.

The deal is financed from Sun Capital Partners’ fifth fund, which closed on $5 billion in 2007 and is currently 40 percent deployed. 

In 2009, parent Sun Capital Partners reached an agreement with LPs allowing them to shrink their commitments to the then $6 billion fund, which reduced it to $5 billion. A group of LPs had asked the firm for the ability to reduce commitments as a way to help with liquidity.

Other packaging companies in the current fund include Paperworks, and Alcan Beauty Packaging.

Sun European Partners is based primarily in London, with offices in Frankfurt and Paris. Its eighth deal was the €100 million acquisition of Spanish toy manufacturer Famosa.