Goldman Sachs, Koch Partner to Acquire Flint Group
NEW YORK—Goldman Sachs Merchant Banking Division announced that it has partnered with Koch Equity Development LLC, a subsidiary of Koch Industries, to acquire shares representing 100 percent of Flint Group’s share capital from funds advised by private equity firm CVC Capital Partners. Koch Equity Development has agreed to invest with Goldman Sachs in a newly formed entity that will acquire Flint Group.
Flint Group is a global supplier of inks and other print consumables such as flexographic printing plates, blankets, image transfer products and chemicals for pressrooms, to the packaging and the print media industries. Flint Group operates 137 sites in 40 countries and employs some 6,600 people.
“The management team of Flint Group is excited about this planned new ownership, and the opportunities this now presents,” said Antoine Fady, CEO of Flint Group. “The investment by Goldman Sachs Merchant Banking and Koch is a clear vote of confidence in our vision, strategic plans and ‘can do’ culture. Flint Group’s fundamental dedication to safety, sustainability, integrity and compliance will continue to form the foundation of all of our business activities.”
Martin Hintze, co-head of corporate equity investing in Europe of Goldman Sachs Merchant Banking Division, added “The acquisition of Flint Group fits well into our strategy of investing in leading global franchises and growing them organically and through acquisitions. We look forward to working in partnership with Koch Equity Development and Flint Group’s strong management team to execute on their strategy.”
Goldman Sachs Merchant Banking and Koch Equity Development will support the strategy developed by the Flint Group’s management team as it pursues a targeted business mix evolution towards the more attractive and higher growth printed packaging market while maintaining Flint Group’s strong position in the resilient print media business.
This sale remains subject to customary closing conditions and should be completed by the second half of 2014.