Packaging LBO Kloeckner Pentaplast withdraws estimated $400 million IPO

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Klöckner Pentaplast, a global manufacturer of plastic films for packaging, withdrew its plans for an initial public offering on Monday. It originally filed in December 2016 with a proposed deal size of $100 million, though we estimate that an IPO could have raised as much as $400 million.

Primary shareholder Strategic Value Partners took control of the company in 2012 during its restructuring. In April 2017, SVP announced that it would combine Kloeckner with UK-based Linpac.

In its withdrawal notice, the company cited its focus "on reorganization and integration activities related to a recently completed acquisition."

The Luxembourg-based company was founded in 1965 and booked $1.4 billion in sales for the 12 months ended September 30, 2016. It had planned to list on the NYSE under the symbol KP. Citi, Credit Suisse and Goldman Sachs were set to be the joint bookrunners on the deal.

The article Packaging LBO Kloeckner Pentaplast withdraws estimated $400 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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