M&A Deal Summary

Goldman Sachs Merchant Banking and Koch Equity Development Acquire Flint Group

On April 11, 2014, private equity firm Goldman Sachs Merchant Banking and corporate investor Koch Equity Development acquired chemicals company Flint Group from CVC Capital Partners for 2.2B EUR

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 2nd and Koch Equity Development’s 1st transaction in the Chemicals sector.
  • This is Goldman Sachs Merchant Banking’s 16th and Koch Equity Development’s largest (disclosed) transaction.
  • This is Goldman Sachs Merchant Banking’s 7th and Koch Equity Development’s 1st transaction in Germany.

M&A Deal Summary

Date 2014-04-11
Target Flint Group
Sector Chemicals
Buyer(s) Goldman Sachs Merchant Banking
Koch Equity Development
Sellers(s) CVC Capital Partners
Deal Type Secondary Buyout
Deal Value 2.2B EUR
Advisor(s) Greenhill & Co. (Financial)

Target

Flint Group

Ahaus-Ottenstein, Germany
Flint Group is a supplier of diversified consumable graphic arts products to the global printing, converting, and colorants industry. Inks include packaging inks, heatset inks (used primarily for printing glossy magazines), coldset inks (both colour and black newspaper ink), sheet-fed inks (short-run commercial applications) and publication gravure inks (high-run printed media). Flint Group is based in Ahaus-Ottenstein, Germany.

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Buyer(S) 2

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 98 of 189
Sector: Chemicals M&A 2 of 2
Type: Secondary Buyout M&A Deals 29 of 68
Country: Germany M&A 7 of 7
Year: 2014 M&A 3 of 9
Size (of disclosed) 16 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-13 ISS

Soborg, Denmark

ISS is a provider of workplace experience and facility management services, operating across regions including the UK, Ireland, the U.S., Canada, Switzerland, Germany, Australia, New Zealand, Türkiye, Spain, Denmark, and various international markets. The company delivers a broad portfolio of offerings such as office space solutions, enhanced workspace services, and production-area support. Its cleaning services cover manufacturing sites, transport and infrastructure facilities, food-related environments, and hospitality or event venues.. ISS was founded in 1901 and is based in Soborg, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Michael Foods

Minnetonka, Minnesota, United States

Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

Sell $2.5B
DESCRIPTION

Koch Equity Development is the principal investment arm of conglomerate Koch. The Firm looks to deploy long-term, flexible capital across sectors that enhance Koch’s core capabilities and expand into new platforms. The Firm orchestrates strategic control or co-control investments in industries that include communications, software, energy, industrials, and real estate. Koch Equity Development is based in Wichita, Kansas.


DEAL STATS #
Overall 1 of 4
Sector: Chemicals M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 2
Country: Germany M&A 1 of 1
Year: 2014 M&A 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-23 CPM

Blaine, Minnesota, United States

CPM designs, engineers, and manufactures a broad variety of branded pellet mills, oilseed processing equipment, twin screw extruders, and industrial-scale thermal processing equipment. The Company serves a global base of over 5,000 customers annually from facilities in Europe, Asia, Latin America, and North America. It produces premier process equipment and engineered systems that provide customers with a superior level of operating efficiency, durability, and reliability, maximizing process performance and machine uptime. CPM was founded in 1883 and is based in Blaine, Minnesota.

Buy -

Seller(S) 1

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 104 of 181
Sector: Chemicals M&A 8 of 9
Type: Secondary Buyout M&A Deals 23 of 43
Country: Germany M&A 7 of 8
Year: 2014 M&A 1 of 8
Size (of disclosed) 10 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-11 Deoleo

Rivas-Vaciamadrid, Spain

Deoleo is a manufacturer, marketer, and seller of olive oil worldwide. The company offers olive oil under the Bertolli, Carapelli, and Carbonell brands. Deoleo was founded in 1995 and is based in Rivas-Vaciamadrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-21 Executive Centre

Hong Kong, China

Executive Centre provides serviced offices, virtual office representation services, meeting and conference facilities, and business concierge services to multinational corporations, small and medium enterprises, and start-ups. Executive Centre was founded in 1994 and is based in Hong Kong.

Buy -