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TPG nears deal to buy Oaktree's Nordenia
31.03.2010 12:44 "Agro Perspectiva" (Kyiv) —
Buyout firm TPG is in exclusive talks with Oaktree Capital to buy packaging firm Nordenia International, people familiar with the process said, as another so-called «secondary buyout» edges to a conclusion.
TPG and Oaktree , the Los Angeles-based private equity and distressed-debt investor, are locked in intense discussions for the German flexible packaging maker, one of the people said.
TPG saw off competition from north European buyout specialist Triton and the private equity arm of German insurer Allianz . Oaktree had been hoping the company would fetch about 600 million euros (534.1 million pounds), sources previously said.
Nordenia makes flexible packaging, technical films and other products for Tyson Foods Inc meal kits, Nestle (4707.KL — news) cat food and components for Procter & Gamble diapers.
TPG declined to comment. Oaktree was not immediately available for comment.
If successful, the sale of Nordenia would mark another European secondary buyout — one in which a private equity firm buys a company from a rival.
As private equity dealmaking has returned, there has been a swathe of such deals, including retailer Pets at Home and healthcare businesses Ambea and Sebia. But some see secondary buyouts inflating prices as buyout firms eager to spend piles of committed capital chase a few quality assets.
Another source described the Nordenia sale process as difficult, having seemingly stalled after parties put in second-round bids in February.
TPG sealed 2009’s largest leveraged buyout (LBO), with the buyout of drug-sales data provider IMS Health Inc (NYSE: RX — news) for $4 billion.
But the firm’s dealmkaing in Europe has been muted. It pursued British fashion retailer Matalan until the sale was pulled in February.
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