UK Sun European Partners, the European adviser to US-headquartered private investment firm Sun Capital Partners, has acquired plastic packaging producer Autobar Packaging Group from Charterhouse Capital Partners, for an undisclosed sum.
Autobar, one of Europe’s leading plastic packaging manufacturers for the food, drink, health and home and personal care sectors, was acquired by Charterhouse in 2004, alongside the Autobar Vending business, which supplies vending machines. The latter is not part of the latest deal.
Autobar Packaging has three key business units: Veriplast International, a plastic cup, glass and tray supplier to the food and foodservice sector, Autobar Rigid Packaging, which produces thin wall plastic packaging for the dairy and other food sectors, and Autobar Flexible Packaging, which makes free-standing consumer bags, palletwrap, printed shrinkfilm, food packaging, refuse bags and envelopes. The Group has fifteen production facilities in seven countries – the UK, Germany, France, the Netherlands, Spain, Poland and Bulgaria, employing some 2,200 staff, and has an annul turnover of some €380m.
Dave Edwards, Autobar ceo, said: “We are pleased that an affiliate of Sun Capital Partners has acquired Autobar given Sun Capital’s depth of understanding of the packaging industry. We are confident the financial resources and operating experience of Sun will support our management team in a measurable fashion by strengthening Autobar Packaging’s value proposition and re-positioning our strategic operating plan to capitalise fully on a wide range of new growth opportunities.”
Scott Edwards, a vice-president at Sun Capital Partners’ Florida offices, adds: “We were impressed by Autobar’s first-class customers base and believe that, while perhaps not having performed at its best in recent months, the business has excellent development potential, an excellent workforce and a stable of innovative products.”