Clondalkin Group announces agreement to sell the Van der Windt Group
Clondalkin Group Holdings B.V., an international producer of high value added packaging products and services, today announces that it has entered into an agreement to sell its packaging distribution business, the Van der Windt Group, which has operations in the Netherlands, Belgium, England and Ireland to Paardekooper Group, also a packaging distribution business with operations in the Netherlands. Total consideration for the business, which generated €8.8 million of earnings before interest, tax, depreciation and amortisation in the year ended December 31, 2012, is €68.5 million. Net proceeds at completion, after customary closing adjustments, are expected to be approximately €65 million before fees. Completion of the sale is unconditional except for the Netherlands Competition Authority (NMa) approval, which approval is expected to take between six and 10 weeks.