Intellident changes hands in Linpac sell-off
LINPAC Group, the international plastic packaging manufacturer, has sold Stockport-based Intellident and four other businesses to London-based Chamonix Private Equity.
Intellident, which employs around 100 staff in the UK, Holland and France, specialises in supplying software systems that track goods and documents.
John Darlington, Linpac’s executive chairman, said: “We have sold five non-core business units, and are using the funds to pay-down debt. Even operations that are non-core require management attention, however, and the disposals have therefore released senior management time for use elsewhere in the business. It also means that we will be able to concentrate investment on our core activities in future.”
The other business included in the transaction are: Milton Keynes-based Apex Space Solutions, formerly Linpac Storage Systems; Wiltshire-based Leafield Environmental, formerly Linpac Environmental; Regain Polymers, formerly Linpac Recycling based in Castleford, West Yorkshire; and Caldicot Metal Decorating, formerly Linpac Metal Decorating in Gwent.
In 2010 the businesses had combined sales of more than £70m and employed around 450 people.
Chamonix partner Jane Crawford, pictured, said: “We see opportunities to
develop these businesses and intend to commit substantial resources to drive growth and strategic and operational improvement, as we have done successfully in our current portfolio.”
Ernst & Young’s M&A team in Manchester acted as lead advisor to Linpac, led by partner Ken Williamson. Marriott Harrison provided legal advice to Linpac. Debt funding was provided by HSBC Bank, HSBC Invoice Finance (UK) and Investec Bank. The value of the deal was not disclosed.
Mr Williamson, said: “It initially looked as though best value for Linpac would be delivered by five separate transactions, so it was very rewarding to have been able to involve Chamonix in the sale process and for them to be able to put forward an attractive exit for Linpac in one single deal.”
