Warburg Pincus buys 630 million euro stake in Clondalkin

Private equity firm Warburg Pincus said on Sunday it acquired a majority stake in product packaging company Clondalkin Group for 630 million euros ($781.6 million).
The stake has been sold by a consortium of rival private equity firms, led by the UK's Candover Investments Plc, which acquired the Dublin, Ireland-based packaging firm for 550 million euros in 1999.
Clondalkin's senior management will continue to hold a stake in the business with the group's Chief Executive, Norbert McDermott, and all the senior management team, remaining in their roles, Warburg Pincus said in a statement. It added that the deal was still subject to regulatory approval.
Clondalkin's major product lines include lids and seals for dairy product containers, plastic flower sleeves and freezer bags. It operates in more than 40 different countries and has sales of around 700 million euros.