Petainer, which makes PET and plastic packaging for the F&B sector, has the financial backing of Next Wave Partners and KKR Asset Management, and despite bidding more than €300m for APPE it lost out to the agreed price of €360m ($448m).
Plans to open UK plant
Annemieke Hartman–Jemmett, group commercial strategy director, Petainer, told FoodProductionDaily despite having a HQ in the UK it plans to open a production factory there with an announcement in the New Year.
“We want to send a clear signal to the market that we work closely with brand owners and we are actively looking to grow our business,” she said.
“We are a very well-funded organisation and that means we have the fire power to position ourselves as a game changer focusing on innovation and bringing added-value to brand owners, not just from a converter position for customers who buy our products but as a consultant.
“There are a number of PET converters in the market who are financially not very strong, from our perspective we have a pro-active strategy and we want to position Petainer as a global company, which we are, and to sell our products to the US.”
Hartman–Jemmett added the firm was not bitter about losing out to Plastipak Packaging on the APPE bid.
Transaction to close first quarter 2015
Headquartered in Michigan, Plastipak Packaging operates more than 27 sites in the US, South America and Europe.
The transaction is expected to close late in the first quarter of 2015. Plastipak Packaging’s €360m bid includes a gross up of €65m ($81m) of accounts payable, which will be transferred with the business but discounted from the bid. This means the actual consideration for the business is €295m ($367m).
“If you look at our organisation we are developing and growing in the PET and plastics market. As well as new launches we continue to look for complementary acquisitions also focusing on organic growth,” said Hartman–Jemmettshe.
“Yes, the APPE acquisition was an opportunity but certainly not our only one and it positions ourself as a player in the global market.
'Competition is good'
“Our product range is small and large containers, for example; half litre to 2L bottles for carbonated soft drinks and water, and jars for protein powders or coffee, as well as large containers for PET kegs for beer, wine, or cider. We also produce 15L-20L, 30L and 5gallon water cooler bottles, that’s our portfolio. APPE wouldn’t have had such a play in large containers but it does in small containers.
“On losing the bid, it is what it is. It would have taken our company to a different level but, on the other hand, we have a growth plan.
“Plastipak Packaging is a large player in the US market. We understand it is looking to increase its presence in Europe. We welcome organisations that are looking to enhance PET packaging and I think competition is good.
Petainer is a UK company. It currently has its HQ in the UK, a production site and four manufacturing facilities in Sweden and the Czech Republic and a plant in Moscow, Russia.