Goldman Sachs Merchant Banking Division has partnered with Koch Equity Development LLC, a subsidiary of Koch Industries Inc., to acquire shares representing 100% of Flint Group’s share capital, which is currently in the form of funds controlled by private equity firm CVC Capital Partners.
Koch Equity Development has agreed to invest with Goldman Sachs in a newly formed entity that will acquire Flint Group. “The management team of Flint Group is excited about this planned new ownership, and the opportunities this now presents,” stated Antoine Fady, CEO of Flint Group. “The investment by Goldman Sachs Merchant Banking and Koch is a clear vote of confidence in our vision, strategic plans, and can-do culture.”
Flint Group, a global supplier of inks and other print consumables such as flexographic printing plates, blankets, image transfer products and chemicals for press rooms, is described as the number one or number two supplier in most of the market segments it serves. Flint Group operates 137 sites in 40 countries and employs some 6,600 people.
“We believe Flint Group is uniquely positioned to capture growth in its attractive printed packaging markets while at the same time continuing to benefit from strong and resilient performance of its print media business,” stated Matthias Hieber, Head of Corporate Equity Investing in the German Speaking Region of Goldman Sachs Merchant Banking Division. “With a significantly improved capital structure, Flint Group is best positioned to pursue its ambitious growth plans to further strengthen its market leading positions.”
This sale remains subject to customary closing conditions and should be completed by the second half of 2014.