Overview
McDermott Will & Emery advises VR Equitypartner and Süd Beteiligungen GmbH (SüdBG) on the sale of the majority stake in DUO PLAST Holding GmbH held jointly by both companies as co-investors. The new owner will be the private equity company, Paragon Partners. The transaction is still subject to approval by the relevant authorities and is expected to be closed in late summer 2019.
The DUO PLAST Group, founded in 1983, is a leading manufacturer of packaging and stretch films. In addition to its headquarters in Lauterbach, Hesse, the company runs production and sales sites in Thuringia, Germany, Austria, France and Turkey.
VR Equitypartner and SüdBG acquired a majority stake in DUO PLAST in 2013 as part of a succession planning. Since then, the company has grown further and today generates annual sales of almost €60 million with around 150 employees.
VR Equitypartner, a subsidiary of DZ BANK, is one of the leading equity financers in Germany, Austria and Switzerland. The company supports medium-sized family businesses with growth and expansion financing, company succession and shareholder changes. VR Equitypartner’s portfolio currently comprises around 100 engagements with an investment volume of €500 million.
SüdBG is a wholly-owned subsidiary of Landesbank Baden-Württemberg (LBBW). With capital commitments of more than €500 million, the company is one of the leading investment firms in German-speaking countries.
The McDermott team advising VR Equitypartner was led by Frankfurt corporate partner Michael Cziesla and included Norman Wasse, Heiko Kermer, Marcus Fischer, Daniel von Brevern, Tobias Riemenschneider, Isabelle Müller, and Marion von Grönheim.
McDermott regularly acts for VR Equitypartner and SüdBG on transactions. The team led by Michael Cziesla advised both companies on the sale of their shares in Piller Entgrattechnik GmbH to the Belgian investor group Riflebird, and VR Equitypartner on the acquisition of a minority interest in the cosmetics company Dr. Neuberger Group.
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