Doughty Hanson, an independent private equity firm in Europe, has signed an agreement to sell Impress Cooperatieve UA, a company engaged in the consumer metal packaging industry, to Ardagh Glass for €1.7b.
Closing of the transaction is subject to competition clearances. Doughty Hanson’s Private Equity Funds II and III were invested in Impress and the total distribution to investors from this investment will be €688m or 2.6 times of the investment cost for each Fund.
Impress is the last investment to be sold from Doughty Hanson Fund II which will now be closed with total returns of 2.7 times the cost and an IRR of 84%. Only one investment, LM Wind Power, remains in Fund III.
Doughty Hanson CEO Stephen Marquardt said the exit from Impress will allow them to liquidate Fund II and leaves only one remaining investment in Fund III.