Clayton, Dubilier & Rice has signed an agreement to acquire Mauser Group, an industrial packaging company. The transaction is valued at approximately €1.2 billion ($1.65 billion).
Mauser manufactures and supplies plastic and steel drums and intermediate bulk containers (“IBCs”) for the chemical, industrial and food and beverage industries. The company is also a provider of reconditioning services for used plastic drums and IBCs of all products. Mauser’s 4,400 employees operate 57 production facilities across 18 countries in Europe, North America, Latin America and Asia. Mauser had revenues in 2013 of €1.2 billion ($1.65 billion). The company is headquartered southwest of Cologne in Bruhl, Germany (www.mausergroup.com).
CD&R Operating Partner Vindi Banga, former member of the Unilever Executive Board, will assume the role of Chairman of the Mauser Supervisory Board at the close of the transaction which is expected in the third quarter of 2014. “The company is a leader in several attractive growth segments with a broad global footprint and strong local market positions,” said Mr. Banga. “We are very enthused with Mauser’s future prospects to grow profitably and further capitalize on its rich product line of industrial packaging solutions and expanding service offerings.”
“Mauser is a competitively well-positioned, resilient business with strong exposure to the higher growth sub-segments of the rigid industrial packaging market in North America and Europe,” said CD&R Partner David Novak. “We believe the company will continue to benefit from the combination of attractive, end-market growth and new operating improvement initiatives.”
Clayton, Dubilier & Rice focuses on producing financial returns through building stronger more profitable businesses. Since inception, the firm has managed the investment of more than $19 billion in 59 businesses representing a range of industries with an aggregate transaction value of approximately $90 billion. Founded in 1978, Clayton, Dubilier & Rice is based in New York and London (www.cdr-inc.com).
“We have been impressed with the strong Mauser management team who demonstrated the ability to grow topline and profits on a global basis. We look forward to working with them to build long-term value in the years ahead,” said CD&R Partner Sonja Terraneo.
Credit Suisse AG, Barclays, BNP Paribas, ING Capital, Natixis and Nomura Securities International have committed to providing debt financing for the transaction.
Debevoise & Plimpton and Clifford Chance acted as legal advisors and Credit Suisse Securities acted as financial advisor to CD&R.
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-12-14