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Carlyle Group acquires UK packaging company Chesapeake

Asset management company The Carlyle Group has announced the acquisition of the UK’s supplier of paper-based packaging products and services Chesapeake for an undisclosed value.

Chesapeake was acquired from Irving Place Capital and funds managed by Oaktree Capital Management.

According to Chesapeake, capital for the investment will come from a €5.3bn fund Carlyle Europe Partners III, which makes mid and large-cap investments.

Carlyle Europe Partners managing director Eric Kump said the company will join forces with Chesapeake and further develop its international footprint.

"We believe the combination of Carlyle’s global presence and network and the strength of the company’s existing footprint and customer relationships will help drive significant growth and new market opportunities in the coming years," Kump said.

The support from Carlyle is expected to help the packaging company to build upon its investments over the past three years as it further aims to grow and develop its business.

Chesapeake, which further plans to align its business with its customers’ global requirements, will benefit from the collaboration that will allow it to respond to new business opportunities.

The company produces paper-based leaflets, labels and cartons for the pharmaceutical, confectionery and drinks markets mainly. It reported 2012 revenues of €580m.