Platinum Equity has signed an agreement to sell Contego Healthcare Limited to FIL International Limited, a subsidiary of Filtrona for a cash consideration of approximately £160 million ($242 million). The change in ownership is expected to occur during the second quarter of 2013.
Platinum Equity announced today it has signed a definitive agreement to sell Contego Healthcare Limited to FIL International Limited, a subsidiary of Filtrona plc, for cash consideration of approximately GBP 160 million. The change in ownership is expected to occur during the second quarter of 2013.
Contego Healthcare, one of Europe’s leading and most technically advanced packaging manufacturers, makes cartons, leaflets, self-adhesive labels, and printed foils for blister packs for the pharmaceutical and healthcare markets. Contego Healthcare has a pan European focus with ten manufacturing sites in the UK, Italy, Germany, France and Ireland.
“Over the last two years we achieved our goals by executing on our operations strategy, investing in capital improvements and working closely with a talented management team,” said Platinum Equity Partner and President of Portfolio Operations Bryan Kelln. “Contego’s success is a reflection of the hard work of Contego’s employees, as well as Platinum Equity’s M&A&O(R) approach to acquiring and driving operational value in our portfolio companies.”
Under Platinum Equity ownership, Contego Healthcare built two new factories and made major investments in state-of-the-art printing and folding technology at its ten sites across Europe.
“Contego Healthcare is a strong business that is well-positioned to continue thriving under new ownership,” added Mr. Kelln.
Platinum Equity acquired the healthcare packaging business and a food and cartons packaging business from South Africa-based Nampak Limited in February 2011. Both businesses were subsequently rebranded under the Contego name. The Contego food and cartons business was sold to Graphic Packaging Holding Company in December 2012.
About Platinum Equity Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 145 acquisitions.