Private equity firm CVC Capital Partners will buy and manage the Bosch Packaging Technology division under a new entity.
The sale to Luxembourg-based CVC is expected to close at the end of the year, pending regulatory approvals. Bosch announced its intention to divest its Packaging Technology arm a year ago.
Dr Stefan Hartung, member of the board of management of Bosch and chairman of the supervisory board of Bosch Packaging Technology, said CVC was the “right choice” to take the company forward, thanks to the firm’s experience in long-term company growth, its industrial expertise, and its “viable strategy”.
“The growth concept CVC has presented, as well as the investments it plans to make, are very promising.
“For Packaging Technology and all its associates, our aim was to find a reliable new owner with a long-term approach, under whose leadership the business can develop successfully. We have achieved just that,” said Hartung.
Dr Stefan König, the president of Bosch Packaging Technology, added that he regards the CVC deal as a “huge opportunity” for the company, which is pivoting to a focus on mobility and connectivity through the Internet of Things.
“Just under two years ago, we completely modified our strategy. It now includes working on a completely new range of smart and sustainable process and packaging technologies,” he said. “This will allow us to offer our customers even more attractive product solutions and services in the future. Our customers and our associates will benefit from the progress we have made.”
CVC is eager to take Bosch Packaging Technology on board, according to Dr Alexander Dibelius, managing partner at the private equity firm, who calls it a strong company in an attractive market and highlights its long-term growth prospects.
“Bosch Packaging Technology has an excellent reputation for quality and innovation, a broad product range, a global footprint, and experienced associates. Together with the management team, we will work to take the business forward in the years ahead, and to make it even more competitive,” he said.
