Klöckner Pentaplast to go public


German rigid film supplier Klöckner Pentaplast Group has filed for an IPO in the US. The holding company, Kleopatra Holdings, filed a registration statement with the US Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its common stock late last year. The number of shares to be offered and the price range for the offering have not yet been determined.

The filing states that its current owner will continue to control a “majority of the voting power of our outstanding common stock” after completion of the IPO.

In 2014, Klöckner Pentaplast was put up for sale by its owners, according to a Reuters report. The company, which is wholly owned by an investor group led by hedge fund SVP Global, was being groomed for a EUR1.5 billion deal, according to the report, but it failed to meet the asking price. SVP acquired Klöckner Pentaplast from private equity firm Blackstone Group following a lengthy restructuring process in 2012. Blackstone had bought the company from Cinven in 2007, backed by EUR1.25 billion of leveraged loans, said the Reuters report.

Klöckner Pentaplast Group provides packaging, printing, and specialty solutions serving the pharmaceutical, medical device, food, beverage, and card markets among others, with a broad portfolio of rigid plastic films and services.

Last year, it added a new PET production line in Thailand located at Eastern Seaboard Industrial Estate, Rayong, in response to the rising demand for PET packaging solutions from the food industry.

It also acquired Turkish company Farmamak from Gözde Girişim for a consideration of US$46 million. Farmamak is a rigid film producer in Turkey with a capacity of 56,000 tonnes. It has sales of EUR47 million, employs around 230 people and its production site is located in Gebze, Turkey.


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