Candover, a provider of equity for European buy-outs, has bought UCB’s Films business for €320M. The business is a manufacturer of specialist OPP and cellulose films. It will continue under the Surface Specialties UCB name until further notice. The acquisition is due to be completed next month.
The deal includes a 50 per cent shareholding in Securency, manufacturer of Guardian high security substrate for polymer banknotes and substrates for government security documents worldwide. The high tech, anti counterfeiting polymer technology was jointly developed by UCB and the Reserve Bank of Australia, which intends to retain its 50 per cent shareholding in Securency. The joint venture partners will continue to support the R&D programme for this technology, for which establishment of a European substrate plant is part of the commitment to a European licence.
The Films business, with headquarters in Brussels, has 1,600 employees and five manufacturing facilities around the world. Last year, it generated total sales of €362M. Dennis Matthewman, former managing director of Hays Chemical Distribution, will now head the existing management team.
Says Candover director Julian Delano: “This is a strong business with good long term growth potential. Investment will continue and will be focused on areas of excellence where the company can extend its world leadership.”
Since its formation in 1980, Candover, which has offices in London, Paris and Düsseldorf, has invested in 120 buy-outs totalling over €25 billion. Its investments have included the packaging company Clondalkin.
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