The private equity house Candover Group has sold a majority stake in Clondalkin to rival equity house Warburg Pincus for EUR630M. Candover took the value-added packaging and printing converter private from the Irish Stock Exchange in late 1999.

The deal, under which Clondalkin group ceo Norbert McDermott and his senior management team will remain in place, is subject to regulatory approvals.

Clondalkin, whose extensive product range includes folding cartons, labels, dairy product packaging, agricultural and industrial wraps, sacks, paper bags, food and beverage and pharmaceutical packaging, operates 40 separate manufacturing locations throughout Europe and the US, with a combined turnover of EUR700M.

Warburg Pincus is believed to be particularly keen to strengthen Clondalkin’s market positions in the US and Asia.