Private equity investor Lindsay Goldberg acquired Coveris Rigid Group, a leading supplier of innovative packaging solutions, from Sun Capital. Gleiss Lutz advised Lindsay Goldberg comprehensively on this transaction and its financing. According to press reports, the deal is worth EUR 700 million. Financing was taken out under a “covenant-lite” model, featuring senior and second lien loans with an aggregate volume of EUR 387 million.
Based in Luxembourg, the Coveris Rigid Group has a global workforce of approx. 3,500 employees and generates annual sales of almost EUR 600 million. The company has eighteen manufacturing sites in Germany, France, the Netherlands, England, Poland, Hungary, Romania, Bulgaria, Serbia, Turkey, Finland and the U.S. as well as sales offices in other countries. It is one of the world’s leading suppliers of rigid packaging solutions for the consumer goods and food service sector.
Lindsay Goldberg is a U.S. private equity fund that manages approx. USD 10 billion in assets and specializes in partnerships with families, founders and long-term oriented management teams aiming to actively expand their business. In Europe, Lindsay Goldberg is represented by Lindsay Goldberg Vogel GmbH, Düsseldorf. Gleiss Lutz regularly advises Lindsay Goldberg and its portfolio companies in connection with transactions, acquisition financing und refinancing. For example, Gleiss Lutz advised Lindsay Goldberg comprehensively on its acquisition of the VDM Metals Group from ThyssenKrupp in the summer of 2015 as well as on its purchase of the Schur Flexibles Group (also a packaging industry company).
Lindsay Goldberg was advised by the following Gleiss Lutz team: Dr. Fred Wendt (partner), Dr. Urszula Nartowska (partner, both lead, both corporate/M&A),
Dr. Johann Wagner (partner, tax, all Hamburg), Frank Schlobach (partner, finance, Frankfurt), Dr. Stefan Lingemann (partner, employment, Berlin/Hamburg), Dr. Andreas Neun (partner, public law, Berlin), Dr. Petra Linsmeier (partner), Iris Benedikt-Buckenleib (counsel, both competition/antitrust, both Munich), Christian Zimmermann, Marianne Milovanov (both corporate/M&A, both Hamburg),
Dr. Alexander Molle (counsel, IP, Berlin), Dr. Jonas Rybarz (real estate/M&A, Berlin), Patrick Reuter, Dr. Jan-Alexander Lange (both finance, Frankfurt), Dr. Daniel Görlich, Dr. Lars Kindler (both public law, all Berlin), Kathrin Haag (competition/antitrust, Munich), Dr. Matthias Schilde (IP/IT, Berlin).
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