DBAG acquires Cartonplast Group from Stirling Square Capital Partners
Frankfurt a. Main — A Gleiss Lutz team advised Deutsche Beteiligungsgesellschaft AG (DBAG) on the financing of the acquisition of Cartonplast Group (Cartonplast). In a leveraged buyout, DBAG Fund VII, which is advised by DBAG, has acquired the majority of shares in Cartonplast from the London-based financial investor Stirling Square Capital Partners.
Financing was provided through a so-called first out/last out unitranche, supplemented by a super senior operating line of credit. With a total volume of approximately EUR 200,000,000, the financing represents one of the largest unitranche financings in the German market.
DBAG Fund VII has been investing in medium-sized companies, primarily in German-speaking countries, since December 2016. Cartonplast is DBAG Fund VII’s eighth investment in total and the third for which its top-up fund is also used.
Cartonplast was founded in 1985. The company primarily rents reusable and recyclable plastic liners for transporting glass bottles, cans and other glass or PET containers for food to the manufacturers of these containers. In addition to its headquarters in Dietzenbach, Cartonplast has 16 other locations — abroad, especially in Western and Central Europe, Turkey,
Russia, Brazil and South Africa. In 2018, the company generated sales of around 80 million euros; around three quarters of this was attributable to the plastic layer pad rental business.
Advisor DBAG: Gleiss Lutz
Frank Schlobach (Partner, Lead Partner), Patrick Reuter, Dr. Jan-Alexander Lange, Teresa
Baldwin (all Finance, Frankfurt).