Filed under: Containers & Packaging
In Feb-04 Warburg Pincus bought the majority stake in the Irish packaging company Clondalkin Group Plc held by Candover. Acording to Clondalkin the deal valued the company at €630m although no further details were disclosed. This would imply the following mutliples: 89% of sales for 2002 (€710m), 6.7x EBITDA for 2002 (€93.8m. 13.2% margin). No details available on 2003 results.
In Nov-99 Candover had acquired the Irish packaging company Clondalkin Group Plc in a tender offer that valued the group at €542m (including €157m in assumed debt). This valuation implied the following multiples: 90% of sales for 1999E (€600m), 7.2x EBITDA for 1999E (€75m, 12.5% margin). In the Candover received acceptances of 85.8% of the issued ordinary share capital of Condalkin. The transaction was financed with €420m in debt (total debt 5.6x EBITDA) and €122m in equity from Candover (78/22 debt to equity).
