MONTABAUR, GERMANY – Klöckner Pentaplast says it has been acquired by Strategic Value Partners in a recapitalization.
Following a cash equity injection of €190 million ($237 million) by a group of new investors led by Strategic Value Partners LLC and new debt facilities underwritten and funded by Jefferies & Company, Inc. and its affiliates, Klöckner Pentaplast says it repaid, in full, the principal amount of nearly $1 billion (€800 million) of first lien senior secured credit facilities plus accrued interest.
Following the equity injection, the SVP Investor Group assumed ownership of Klöckner Pentaplast.
Klöckner Pentaplast Group is the world’s leading producer of Pentadecor standard decorative-surfaces stock collection, a full range of specially formulated films for the furniture and cabinetry and films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging. Founded in 1965 in Montabaur, Germany, Klöckner Pentaplast has grown from its initial facility to 17 current production operations in 11 countries.
Klöckner Pentaplast Group reports sales of over €1.024 million ($1.4 billion) and employs more than 3,000 people worldwide.
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