Nordenia: Sold to private equity firm
German PE film extrusion major Nordenia is being acquired by private equity group Oaktree Capital Management for an undisclosed sum in a deal expected to close during the first quarter. Nordenia is one of Europe’s leading flexible packaging suppliers with 3,000 employees and a 2005 turnover of E430m. Consultancy AMI, which listed the leading film extruders in its latest review of the Top 50 in Europe, puts the company in around sixth place and points to its strength in central Europe as well as further afield in Asia. “The film and flexible packaging market offers great growth potential,” said Hermann Dambach, managing director of Oaktree GmbH in Frankfurt, part of the LA-based equity firm which has $29bn (E24bn) under its management. Nordenia chief executive Ralph Landwehr, who will remain in place, said the take-over will enable the firm to grow both organically as well as by bolt-on acquisitions.