Lonsdale has announced its acquisition of the flexible plastic packaging businesses of Suominen Corporation. Suominen Flexibles supplies printed plastic film and certain converted products for consumer and industrial applications from three factories in Finland and Poland. It also has sales offices in Sweden and Russia. In 2013, Suominen Flexibles had net sales of c €60 million.
Lonsdale is acquiring the business for €20 million plus a small earnout. The management team and Suominen Corporation will own significant minority stakes in the business going forward. Debt facilities were provided by Nordea Bank Finland and a vendor loan by Suominen Corporation. The company operates in a sector well-known to Lonsdale, particularly Alan Dargan who has been a principal and advisor for over 25 years in the packaging and paper industry.