Schur Flexibles majority shareholder Lindsay Goldberg sells 80% to B&C Group
18 May 2021 --- Lindsay Goldberg, a private investment firm focusing on partnering with families, founders and management teams, has agreed to sell 80 percent of Schur Flexibles Group to B&C Group.
The company value, including the financing taken over, is approximately €900 million (US$1.09 billion). The takeover agreements were signed on May 15, 2021.
Lindsay Goldberg will remain co-owner with 20 percent of the shares in Schur Flexibles following the closing of the transaction, which remains subject to antitrust approvals.
Headquartered in Austria, Schur Flexibles specializes in premium high-barrier packaging solutions for the food, cosmetics and pharmaceutical industries.
Growing sales
Since Lindsay Goldberg’s investment in Schur Flexibles in 2016, the team, led by CEO Michael Schernthaner and Chairman Thomas Unger, grew sales by more than 50 percent to €540 million (US$658 million) (2020) and nearly tripled EBITDA.
During this time, the number of employees grew from 1,200 to 2,100, ensuring Schur Flexibles’ technological leadership at 22 specialized production sites in Western and Eastern Europe.
Since Lindsay Goldberg’s investment in 2016, Schur Flexibles’ sales have increased over 50% to €540 million (US$658 million) (2020).With its integrated value chain from extrusion, printing and laminating to extensive pouch production, Schur Flexibles is one of the leading companies in the industry in Europe.
“We are grateful to Lindsay Goldberg for its active, entrepreneurial support in the strategic development of the company as well as for eight value-enhancing acquisitions – and not least for the fact that Lindsay Goldberg will remain co-owner with a 20 percent interest,” comments Michael Schernthaner, Schur Flexibles CEO.
“This shows strong commitment. The choice of our new majority shareholder B&C is also perfect for Schur Flexibles: B&C is a long-term, entrepreneurial owner with an outstanding reputation and a firm commitment to supporting the growth of Austrian business and research funding.”
B&C Group
Since its founding in December 2000, the B&C Group has pursued the goal of promoting Austrian entrepreneurship and, through its holding companies, holds stakes in three major listed industrial companies – AMAG Austria Metall, Lenzing and Semperit – and stakes in several technology and growth companies.
“Schur Flexibles has developed excellently over the past five years. Schur’s highly specialized centers of excellence make the group an attractive and competent partner for customers in selected industries,” notes Thomas Unger, Schur Flexibles chairman and managing partner at Lindsay Goldberg Europe.
“At the same time, Schur Flexibles is actively committed to the circular economy and stands for sustainable packaging solutions. We are proud of the entire team at Schur Flexibles, which has combined profitable growth with customer focus and sustainability.”
Michael Dees, managing partner at Lindsay Goldberg, adds: “We are very proud of the efforts of the Schur Flexibles team in developing a world-leading packaging producer. We enthusiastically look forward to our continued partnership with the Schur Flexibles team and our new partnership with B&C.”
The transaction is expected to close in around three months, subject to approval by the antitrust authorities.
Sidac acquisition
Schur Flexibles recently acquired Italian packaging specialist Sidac, adding a center of excellence for customized and high-quality packaging solutions.
With annual revenue of approximately €34 million (US$41 million) last year and a workforce of 120 employees, Sidac located in Forli near Bologna, has been a successful manufacturer of flexible packaging since 1929, particularly in the food, beverage, confectionery and animal feed segments.
Edited by Joshua Poole
