Private equity house Montagu has bid £860M to acquire UK based plastics and paper packaging group Linpac. The offer, which has been recommended by the Linpac board, is subject to shareholder and regulatory consent and includes an option for the existing shareholders, senior manage- ment and 12,000 employees to make a substantial re-investment in the business.
Linpac has manufacturing operations worldwide and revenues of £1.2 billion. Montagu says it will work closely with the current management team. Chairman Michael Cornish will remain on the board as a non executive director, and current group md David Williams will become executive chairman. Mark Tentori, finance director, and Bob Lang will also stay, while Montagu’s Phil Goodwin and James Roddis will join as non executive directors.
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