US investor group seeks to sell Irish packaging giant / Owners reportedly want USD 700 mn / Source tells Plasteurope.com company worth more
Ireland’s IPL (Dublin; www.iplglobal.com) is up for sale by US private equity firm Madison Dearborn Partners (Chicago; www.mdcp.com), which first purchased the packaging company in 2020, according to the London-based Sunday Times newspaper.

IPL counts Amazon among its customers (Photo: Amazon)

The report said the expected asking price for the multinational injection and blow moulder is up to USD 700 mn, with IPL annual EBITDA reportedly having risen to almost USD 150 mn from some USD 85 mn. Margins have also improved despite rising costs for energy and raw materials, the article noted, adding that management has identified merger and acquisition possibilities that could boost annual earnings to USD 300 mn by 2027.

Speaking to Plasteurope.com, a source familiar with developments confirmed the potential sale, noting that the price tag of up to USD 700 mn published by the Sunday Times was only “an approximate equity value”, meaning IPL is worth “much more” overall. The source did not provide further details on a possible sale price.

Back in 2020, the company's equity value was cited at around EUR 352 mn. 

Madison Dearborn Partners declined to comment on the Sunday Times report. IPL could not be immediately reached for comment. 
Meet the new boss, a bit like the old boss?
Quoting London banking sources, the newspaper said the business is likely to be purchased by another private equity firm in a so-called secondary transaction.

IPL reported revenue of USD 984 mn in 2022. The company said it employs some 2,800 and makes a wide range of packaging and other products for logistics, food, and further sectors. Operations include 20 production plants and three recycling units spread through Ireland, the UK, Belgium, China, the US, and Canada. 

In the year before it was purchased by the US investment group, IPL bought Belgian injection moulder Loomans for EUR 75 mn.
26.03.2024 Plasteurope.com [254963-0]
Published on 26.03.2024
IPL: Madison Dearborn will Verpackungshersteller offenbar verkaufenGerman version of this article...

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