DS SMITH
Sale of Plastics division to US private equity firm Olympus Partners
Packaging group DS Smith (London / UK; www.dssmith.com) has agreed to sell its Plastics business to private equity firm Olympus Partners (Stamford, Connecticut / USA; www.olympuspartners.com) for an enterprise value of USD 585m (around EUR 517m), which is 9.9x EBITDA based on the 12 months to 31 October 2018 – see Plasteurope.com of 12.12.2018. Net cash proceeds after taxation, transaction adjustments and expenses are expected to be approximately EUR 465m. The transaction is subject to customary closing conditions and regulatory approvals, with completion expected in the second half of 2019.

The Plastics division includes DS Smith's operations of flexible plastics, rigid plastics and foam products. Gross assets of the business amounted to GBP 223m (EUR 259m) and profit before tax for the 12 months to 31 October 2018 was GBP 28m. The deal allows DS Smith to focus on cardboard and paper packaging. The UK group says the cash proceeds are expected to reduce debt, which has significantly risen by its takeover in January 2019 of Europac (Madrid / Spain; www.europacgroup.com), a paper and packaging producer – see Plasteurope.com of 27.06.2018.
07.03.2019 Plasteurope.com [241967-0]
Published on 07.03.2019
DS Smith: Verkauf der Kunststoffaktivitäten an Olympus PartnersGerman version of this article...

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