Sun has announced it has entered into exclusive negotiations to sell Albéa to Funds advised by PAI Partners, with the proposed transaction subject to regulatory approval.
A global packaging player dominant in the beauty and personal care industry, Albéa has 38 manufacturing sites across Europe, Americas and Asia, and its global headquarters are based in Paris.
The company has been owned by the Sun affiliate since its acquisition in 2010, and has reportedly seen profitability improve by over 80% during the intervening period.
Albé produces packaging solutions for the makeup, fragrance, skin care, personal and oral care markets.
Its portfolio of products includes plastic and laminate tubes, mascaras, lipsticks, lip glosses, compacts, plastic closures and shells, spray-caps, jars, lids, cosmetic accessories, bags & promotional items.
A period of development and growth
Sun states that it is selling Albéa following a successful period of ownership.
The company says that during the period from 2010, there has been a “step change in performance, with significant capital expenditure leading to profitability improvement by over 80% along with a 600 basis point lift in margins.
“This was achieved through business growth with customers as well as continuous improvement, procurement and other operating initiatives.
“Operational excellence has seen the company grow strongly and has been supplemented by the successful completion and integration of numerous acquisitions including Betts, Eyelematic, Tex and Rexam’s PC business, transforming Albéa into a world leading packaging company.”
Jerome Nomme, Managing Director of Sun European Partners, comments: “We are pleased with the transformation of the company under Sun’s stewardship. [...] We thank the management at Albéa and wish them continued success under new ownership.”
François Luscan, CEO of Albéa, suggests the company is ready for the change that a new owner will usher in.
“We are excited for this new chapter in Albéa’s 60-year history. Sun has been an outstanding shareholder for the past seven years, continuously supporting our business development,” he comments.
“We are looking forward to working with our new shareholder as we consolidate our position as the leading provider of solutions to the world’s most prestigious and most dynamic brands, building from our unique combination of customer-focus, operating excellence, large range of products and services, global reach, technical know-how, social responsibility and passion.”