Klöckner Pentaplast Has Been Sold to Blackstone
Milbank Acts as Advisor to Minority Partner JP Morgan Partners
London/Munich, 4 May 2007 – European private equity funds Cinven and JP Morgan Partners today announced their joint sale of Klöckner Pentaplast GmbH & Co. KG (kp), Montabaur/Germany, a leading manufacturer of rigid plastic films for packaging, printing and special applications. Cinven as majority partner of kp and JP Morgan Partners as minority partner of kp therewith divest kp to financial investor The Blackstone Group for €1.3 billion. The international law firm Milbank, Tweed, Hadley & McCloy LLP advised JP Morgan Partners in the transaction.
Cinven and JP Morgan Partners acquired kp in 2001. kp employs more than 3,400 people and recorded revenues of around €1.2 billion in 2006.
The Milbank team representing JP Morgan Partners consisted of corporate/M&A partner Dr. Peter Nussbaum (Munich), London-based senior associate Humphrey Edginton (corporate/M&A) as well as Munich-based tax partner Dr. Rolf Füger. Milbank partners Füger and Nussbaum previously advised JP Morgan Partners in their acquisition of Klöckner Pentaplast in 2001.
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