Cinven portfolio company Klöckner Pentaplast to acquire Neoplastica GroupEuropean private equity provider Cinven, announced today the acquisition of the Neoplastica Group by its portfolio company Klöckner Pentaplast. Acquired by Cinven in December 2001, Klöckner Pentaplast currently employs approximately 3,400 people worldwide and generates turnover in excess of €1 billion.
Neoplastica, which has its major production sites in Portugal and Spain, is one of the leading European manufacturers of high-quality, co-extruded multi-layer films using polyester and polystyrene (PET/PS). Neoplastica’s products are primarily used in the manufacture of food packaging. The company currently employs approximately 300 people and sales in the financial year 2002 are forecast to exceed €80 million.
Cinven director, Peter Gangsted, said:
“The acquisition of the Neoplastica Group is a further example of Cinven’s business strategy to not only function as a shareholder but also assist acquired companies to develop. Cinven also aims to promote consolidation of industry sectors and markets.”
Cinven investment director and board director of Klöckner Pentaplast, Oliver Frey, added:
“Neoplastica represents an important milestone in our buy-and-build strategy for Klöckner Pentaplast. The enlarged group will now be in a better position to offer a complete product range to its customers, and strengthen its market presence in southern Europe. Furthermore, the opportunities for growth in this area of the industry are quite significant.”