Private equity company Deutsche Beteiligungs AG, through its DBAG Fund VII, agreed to acquire a majority stake in Cartonplast Group GmbH from London-based Stirling Square Capital Partners LLP in a management buyout.
Cartonplast operates a pool system for reusable plastic layers used mainly in transporting glass containers in the food and beverage industry.
Deutsche Beteiligungs will co-invest approximately €26 million alongside its fund, implying that around 17% of the shares in Cartonplast will be attributable to the company. Cartonplast's management will also keep a stake in the business.
The transaction is not expected to close before October and is subject to approval by antitrust authorities.
