On May 2, 2007, the US private equity investor Blackstone reached an agreement with the current owners Cinven and CCMP on the acquisition of plastic films manufacturer Klöckner Pentaplast, headquartered in Montabaur, for a consideration of approximately EUR 1.3 billion. The company, one of the world’s largest specialist manufacturers of plastic films, achieved a group turnover of approximately EUR 1.2 billion during the past financial year and has around 3,700 employees world-wide. The consummation of the transaction is still subject to clearance by the antitrust authorities.
Blackstone was founded in 1985 and is one of the leading private equity investors in the world today. Since its foundation, investment funds advised by Blackstone have concluded more than 100 transactions with a total deal volume of around USD 191 billion.
Gleiss Lutz advised Blackstone on the transaction. The Gleiss Lutz team consisted of Dr. Jan Bauer, Dr. Christian Cascante (both lead partners), Dr. Barbara Jagersberger, Stefanie Dörner, Dr. Cai Berg, Dr. Stefan Stehle, Dr. Jürgen Rieg, Thomas Richter (all corporate/M&A), Dr. Achim Dannecker (partner) and Dr. Alexander Werder (both tax), Dr. Helge Kortz (partner) and Maximilian von Rom (both finance), Dr. Ingo Brinker (partner, antitrust), Prof. Dr. Gerhard Röder (partner) and Dr. Bettina Bubach (both labour), Dr. Marcus Dannecker (partner) and Dr. Yvonne Kerth (both public law), Sylvia Wünsche (litigation) and Dr. Marco Heber (real estate).
Gleiss Lutz has worked for Blackstone on a range of transactions, including its participation in Deutsche Telekom AG and the public takeover of Celanese AG. Gleiss Lutz regularly advises numerous private equity funds on transactions in Germany, including Ripplewood, Francisco Partners, General Atlantic Partners, Lindsay Goldberg Bessemer and Triton. Gleiss Lutz recently advised Ripplewood on the acquisition of publisher Reader’s Digest for EUR 1.8 billion.
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