NBGI Private Equity Acquires STI Plastics
NBGI Private Equity has announced the acquisition of STI Plastics for an undisclosed sum.
STI Plastics is a specialist manufacturer of injection-moulded plastic dosing, packaging solutions, and medical devices for the pharmaceutical industry including pillboxes, medication blister packs, and “tamper proof” systems. The company employs around 70 staff and operates production facilities in Beauvoir en Royans, France.
STI Plastics is a market leader in over the counter (OTC) products, including the Spoonbox measuring spoon, containers for transporting healthcare products, measuring cups and an extensive range of Pilbox pill dispensers. Its clients include major groups in the pharmaceutical, cosmetics and food manufacturing sectors such as Novartis, Sanofi Aventis, Danone and Bulgari.
NBGI will support the company’s existing management team, which has ambitious plans to almost double revenues in the next five years, from €12.5 million in 2012 to €23 million in 2017. The strategy is to expand STI Plastics’ range of products and to leverage its reputation and relationships around the world. Nearly 70% of the company’s sales are generated outside of France and its local partners have already expressed strong interest in distributing the new products that are currently under development.
STI Plastics is the third investment made from NBGI Private Equity France Fund I.
Laurent Allégot, Investment Director, NBGI Private Equity, said: “We are delighted to back Stiplastics, and are looking forward to working with its experienced management team in capitalising on its strong international exposure and major new projects under development. The Company operates in a fragmented market and we also see it as an ideal platform from which to benefit from future consolidation.”
Patrick Sivera, CEO of STI Plastics, added: “We have ambitious plans for STI Plastics, and NBGI’s deep knowledge of the sector in which we operate makes it the right partner to support us through the various stages of growth we envisage over the next few years.”
Advisers for NBGI on the transaction included HPML (legal); Audexo (financial due diligence) and PwC (commercial due diligence).