10 April 2014
Details
Frankfurt/New York,
Goldman Sachs Merchant Banking Division
announced today that it has partnered with
Koch Equity Development LLC,
a subsidiary of Koch Industries, Inc.,
to acquire shares representing 100% of
Flint Group’s share capital
from funds advised by
private equity firm CVC Capital Partners.
Koch Equity Development has agreed to invest
with Goldman Sachs in a newly formed entity
that will acquire Flint Group.
Flint Group is a leading global supplier of inks and
other print consumables such as
flexographic printing plates, blankets,
image transfer products and
chemicals for press rooms,
to the packaging and the print media industries.
The company has a global footprint and
is the number one or number two supplier
in most of the market segments it serves.
Flint Group operates 137 sites in 40 countries
and employs some 6,600 people.
“The management team of Flint Group
is excited about this planned new ownership,
and the opportunities this now presents,”
Antoine Fady,
CEO of Flint Group.
“The investment by Goldman Sachs Merchant Banking and
Koch is a clear vote of confidence
in our vision, strategic plans, and ‘can do’ culture.
Flint Group’s fundamental dedication to
safety, sustainability, integrity and
compliance will continue to
form the foundation of all of our business activities.”
Martin Hintze,
Co-head of Corporate Equity Investing in Europe of
Goldman Sachs Merchant Banking Division
“The acquisition of Flint Group fits well into
our strategy of investing in leading global franchises
and growing them organically and through acquisitions.
We look forward to working in partnership with
Koch Equity Development and
Flint Group’s strong management team
to execute on their strategy.”
“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,”
Matthias Hieber,
Head of Corporate Equity Investing
in the German Speaking Region of
Goldman Sachs Merchant Banking Division.
“Flint Group is an exciting opportunity for
Koch Equity Development,”
Brett Watson,
Managing director of Koch Equity Development.
“Flint Group is a global leader
with a clear strategy and a management team
that has a consistent record of delivering results.”
“Partnering with top-tier firms like Goldman Sachs
and investing in competitively advantaged businesses
with high quality management teams is consistent
with Koch’s investment strategy,”
Matt Flamini,
president of Koch Equity Development.
“We look forward to working with Goldman Sachs and
Flint Group to assist the company in
transitioning to its next phase of growth.”
Goldman Sachs Merchant Banking Division and
Koch Equity Development
will support the strategy developed by
the Flint Group’s management team
* as it pursues a targeted business mix evolution towards
the more attractive and higher growth
printed packaging market
* while maintaining Flint Group’s strong position
in the resilient print media business.
Chris Wildmoser,
Partner of CVC
“For almost 10 years, CVC has helped to
build Flint Group through a series of acquisitions
into the global leader it is today.
We are pleased that,
with Goldman Sachs and Koch Equity Development,
we have found new owners
who will continue to pursue this strategy
in further developing the company."
Mr. Fady concludes that
“the transition will be seamless for
Flint Group’s customers, employees and suppliers.
Flint Group’s vision to be
the print consumable supplier of choice to
the global packaging and printing industries
will remain firmly in place.
With its unique product portfolio and
market-focused approach,
Flint Group will continue to provide
exceptional value to customers around the world.”
This sale remains subject to
customary closing conditions and
should be completed by the second half of 2014.
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