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Carlyle Group to buy packaging company Chesapeake

Staff writer |
The Carlyle Group announced the acquisition of Chesapeake, one of the largest global suppliers of paper-based packaging products and services.

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Carlyle will buy Chesapeake from Irving Place Capital and funds managed by Oaktree Capital Management. Capital for this investment will come from Carlyle Europe Partners III L.P., a €5.3 billion fund that makes mid- and large-cap investments. Further terms of the investment were not disclosed.

Headquartered in Nottingham, UK, and with nearly 5,000 employees across 38 sites in 9 countries, Chesapeake is a high quality and premium producer of paper-based leaflets, labels and cartons, primarily for the pharmaceutical, confectionery and premium drinks markets for a blue-chip client base. Chesapeake has grown significantly in recent years to produce revenues of €580m in 2012.

"Chesapeake is a strong business focused on attractive growth markets. The management team has delivered sustained growth and significantly strengthened the company in recent years. We look forward to partnering with them to further develop the company's international footprint and to invest in delivering industry leading products and services," said Eric Kump, Managing Director Carlyle Europe Partners.

"We are delighted to have Carlyle working with us as we continue building on the strong reputation we have earned for our high quality products and services. Carlyle's backing will support our aspirations to build upon our strong investments over the past three years as we further grow and develop our business," said Mike Cheetham, Chief Executive Officer of Chesapeake.

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