Paris investment firm Wendel (MF: FP) has closed a $198 million deal for U.S. packaging company CSP Technologies.
CSP, headquartered in Auburn, Alabama, provides custom protective packaging products that aim to extend shelf life, preserve product stability and provide child-resistant or senior-friendly closures. The company has manufacturing facilities in Niederbronn, France, and focuses on packaging for the health care and food and beverage markets.
Wendel's $198 million grabbed the firm a more than 98 percent stake in CSP. The firm has been in negotiations with CSP since December. Wendel's other investments include stakes in verification firm Bureau Veritas, building materials group Sant-Grobain and coatings business, Stahl.
There have been several deals in the packaging space recently. In December, Pamplona Capital Management LLP bought Charter Next Films, which makes films used for packaging. Also in December, Pretium Packaging bought Tri-Delta Plastics.
For more on the sector, see Finance Finesse: Lenders Show Love for Packaging.