Ratioform sold to trade buyer by Equistone
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Equistone Partners Europe, formerly Barclays Private Equity, has divested its interest in Ratioform Holding, a Germany-based supplier of packaging products.
Ratioform Holding has been sold to German business equipment company TAKKT AG in a deal worth €210 million (£170 million) It comes after a six-year involvement between the private equity firm and manufacturer.
When the investor was Barclays Private Equity it led an undisclosed management buy-out of the business and acquired a 57 per cent stake in the company.
Over the investment period Ratioform has undergone a buy-and-build process and most recently completed the acquisition of Davenport Paper in February 2012. According to a statement, the company is now generating sales of €83 million and had an EBITDA of €22.6 million in 2011.
The business was founded as a family company in 1973 and, despite having operations in five European countries, generates half of its sales in Germany. Ratioform says that its performance has been bolstered by the increasing importance of e-commerce and its need for transport packaging.
Michael Vollmer, managing director at Ratioform, says that the past six years have focused on optimising cash flows and improving the operational management of the company's subsidiaries.
He adds, 'Thanks to this preparatory work, we are now well placed for the next stage of growth and expansion.'
Jan Wiechmann, director at London-based Equistone, comments, 'By taking over franchise partners and adapting the logistics systems, we have placed Ratioform in a position where it can now embark on the next stage of its development on a sustainable footing.'
Equistone's exit of Ratioform follows on from its sale of Global Blue to Silver Lake Partners for €1 billion, five years after the firm led a €360 million management buy-out of the business.
Since the management team of Barclays Private Equity led a management buy-out of the investment firm back in November 2011, it has completed three UK-based deals and two Germany-based transactions.