One Equity exits Duropack

One Equity Partners has sold Duropack Group to DS Smith. The deal was valued at 300 million euros (US$339 million). Vienna-based Duropack makes paper and corrugated board in Central, East and South Eastern Europe. The company employs around 2,600 people and generated sales of 273 million euros and EBITDA of 41 million euros in 2014.

PRESS RELEASE

FRANKFURT, Germany & VIENNA–(BUSINESS WIRE)–Funds advised by One Equity Partners (“OEP”) have sold the Duropack Group (“Duropack”) to the packaging company DS Smith for approximately EUR 300m. The transaction is subject to approval from the relevant antitrust authorities and is likely to be closed in the second quarter of 2015. OEP acquired the company in 2009 when it acquired the majority of Constantia Packaging AG and subsequently delisted it from the stock market.
“The Duropack Group is well positioned in the growing packaging industry. Rob Jan Renders and the management team, along with all the employees of Duropack, have done an excellent job in advancing Duropack’s customer offering and market position. On behalf of OEP, I would like to say thank you for the excellent collaboration” said Melchior von Peter, Managing Director at OEP.
Headquartered in Vienna, Austria, Duropack has 15 main production sites and is the leading paper and corrugated board manufacturer in Central, East and South Eastern Europe. The company employs around 2,600 people and generated sales of EUR 273m and an EBITDA of EUR 41m in 2014. It provides innovative customer-oriented niche products and services and is a specialist for heavy duty goods, high-flexo and multicolor printing for a variety of customer branches.
OEP continuously supported Duropack’s growth of market share and position in Central, East and South Eastern Europe and sharpened the company’s focus on packaging.
Rob Jan Renders, CEO of Duropack: “Together with OEP, we have taken Duropack forward as a reliable, flexible and creative partner for our customers. This was a successful and constructive time for the company as well as the management team. We now look forward to continuing our positive development with DS Smith to further create value for our customers and business partners.”
About One Equity Partners:
One Equity Partners (“OEP”) was founded in 2001 as the private investment arm of Bank One Corporation (“Bank One”) and became the private investment arm of JPMorgan Chase & Co. (“JPMorgan”) in 2004 when Bank One merged with JPMorgan. From 2001 through 2014, OEP invested $11 billion in 73 companies with a focus on partnership with existing owners to realize transformative change in their businesses, often through mergers or other growth-focused primary capital investments.
In early 2015, the OEP team spun-out from JPMorgan and established an independent management company called OEP Capital Advisors, L.P. (“OEP”). The spin-out coincided with JPMorgan’s sale of certain portfolio company investments to Lexington Partners (“Lexington”), Alpinvest Partners (“Alpinvest”) and the Blackstone Group (“Blackstone”). OEP manages the retained portfolio company investments for JPMorgan as well as the sold portfolio company investments to Lexington, Alpinvest and Blackstone. OEP has established its first standalone private equity fund, One Equity Partners VI, L.P. with a core strategy of middle market private equity investments in North America and Western Europe. OEP’s investment professionals are based in New York, Chicago, Frankfurt and São Paulo.