Apollo, Ares Said to Mull Offers for SVP’s KloecknerKiel Porter
Apollo Global Management LLC, the buyout firm founded by Leon Black, is considering an offer for German plastic-packaging producer Kloeckner Pentaplast, people familiar with the matter said.
The U.S.-based buyout group is among a number of parties considering bidding for the company, which may fetch as much as 1.5 billion euros ($2 billion), said three people who asked not to be identified because they aren’t authorized to speak publicly. The interested companies include Ares Management LP and Platinum Equity LLC, the people said.
Kloeckner Pentaplast, which was founded in 1965, provides packaging, printing and specialty technology serving the pharmaceutical, medical-device, food, beverage and card markets. Hedge fund Strategic Value Partners LLC owns the company, after leading a group of investors to acquire it from Blackstone Group LP as part of a restructuring in 2012.
Adjusted earnings before interest, taxes, depreciation and amortization in the fiscal year ended September rose 14 percent to 174 million euros, and adjusted Ebitda for the first nine months of the current fiscal year was 133.8 million euros, the company said on its website. Full-year net debt was reduced by 90 million euros to 430 million euros, it said.
Spokesmen for Apollo, Heiligenroth, Germany-based Kloeckner and SVP declined to comment while spokesmen for Ares and Platinum did not respond to telephone and e-mail requests seeking comment.