Lonsdale Capital Partners has scored its second 3x return of the year by selling flexible plastic packaging group Bright Maze after a surge in profitability at the business.
The company, which trades as Amerplast, has more than doubled in profitability in the past two years, amid becoming one of the biggest recycled material users in flexible packaging in Europe.
Lonsdale bought the Finland and Poland-based company in 2014 from Sumoninen Corp, and says it has been committed to sustainability, innovation and efficiency programmes at the company since.
Firm co-founder Alan Dargan said, “We are very happy with our investment in Amerplast and the resulting return.
“The management team led by Mark Rooney has grown the business and substantially improved its profitability.
“The team has placed a strong focus on customers during the pandemic and secured a larger share of their business from key accounts. It is gratifying to have done this while helping the environment.”
In January this year Lonsdale sealed a 3x return by exiting superyacht painting, supply and maintenance company GYG.
The deal scored the lower mid-market investor a 75% IRR from its investment in the Spain-based business, which it first backed in 2016.
Lonsdale has made eight principal investments since closing its £110m debut institutional fund in 2016.
Other investments made by Lonsdale include mortgage broker Charles Cameron & Associates and happy hour party bar chain Simmons Bars.
The firm was founded in 2009 by Dargan, Ross Finegan and David Gasparro.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/second-3x-return-of-the-year-for-lonsdale-capital-partners-as-firm-seals-amerplast-exit.html
