COVERIS Group and Lindsay Goldberg LLC, one of the most experienced global private equity investors, have finalised the transition of the Rigid packaging business “COVERIS Rigid” summarized under Coveris Holdings S.A. to Lindsay Goldberg LLC.
Closing date is July 31st, 2018.
Leading pan-European plastic packaging business for food and non-food applications
COVERIS Rigid with a turnover of €560m is a leading supplier of innovative packaging solutions. With 18 manufacturing sites and 3.500 employees in Europe and in the USA, COVERIS Rigid is a preferred supplier to blue chip customers as well as local food manufacturers serving high performance plastic packaging for the Dairy & Spreads, Processed & Fresh Food and Foodservice industry. Several Non-Food applications are completing the comprehensive product offering based on thermoforming, injection moulding and decoration technologies.
With this transaction, Coveris Group pursues the realignment of its business portfolio and is further executing its strategy to focus on high performance and sustainable packaging solutions for food, pet food, medical and pharmaceuticals markets, as well as other growing consumer segments, primarily in Europe.
Jakob Mosser, CEO Coveris Group, stated, “The sale of Rigid that follows our recent divestment in the Americas is an important and successful milestone in our strategy to transform Coveris into a European champion for flexible plastic and paper-based packaging solutions.”
Dieter Bergner, CEO COVERIS Rigid, added, “We are very pleased to have Lindsay Goldberg as our new partner. Lindsay Goldberg´s packaging expertise and its global network will allow COVERIS Rigid to continue its development into a preferred supplier for innovative packing solutions with an international footprint”.
The business will rebrand during the coming weeks and all COVERIS Rigid entities will rename to “PACCOR”, its well-known company name before the rigid packaging business has been merged into COVERIS during 2013.
As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day.
Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.
Treasurer: Duane Owens
Phone-nb.: +1 (864) 641-4710
COVERIS Rigid Legal Director: Cecile Desvignes
Phone-nb.: +33 608 723 728