The merchant banking division of Goldman Sachs has teamed up with Koch Equity Development LLC, a subsidiary of Koch Industries to acquire 100 percent of the shares in the Flint Group from private equity firm CVC Capital Partners.
Flint Group is a major supplier of inks and associated print consumables such as flexographic printing plates, and press room chemicals, to the packaging and the printing industries. Flint Group operates 137 sites in 40 countries and employs some 6,600 people.
The bankers have pledged to support the strategy developed by the Flint Group’s management team as it grows its business in the printed packaging market while maintaining its presence in the print media business.
Matthias Hieber, Head of Corporate Equity Investing in the German Speaking Region of Goldman Sachs Merchant Banking Division, commented: “We believe Flint Group is uniquely positioned to capture growth in its attractive printed packaging markets while at the same time continuing to benefit from strong and resilient performance of its print media business. With a significantly improved capital structure, Flint Group is best positioned to pursue its ambitious growth plans to further strengthen its market leading positions”.
This details havn’t been released though Bloomberg hinted that the purchase price could be more than Flint’s sales last year of €2.2 billion. The sale remains subject to customary closing conditions and should be completed by the second half of 2014.