After a series of purchases this quarter, The Carlyle Group announced that it is adding another company to its portfolio of assets. Irving Place Capital and Oaktree Capital Management decided to sell Chesapeake to the Carlyle Group on Wednesday.
Chesapeake is a paper based pamphlet and leaflet producer based in the United Kingdom. The company specializes in labels and cartons for the confectionery, premium drinks, and pharmaceutrical industry.
Carlyle Europe Partners III LP provided the Eur5.3 billion fund required to purchase Chesapeake. The fund is known to invest on mid-cap and large-cap projects.
The new acquisition employs over 5,000 people across 38 locations spread evenly among 9 countries. It posted revenues of up to Eur580 million.
"We are delighted to have Carlyle working with us as we continue building on the strong reputation we have earned for our high quality products and services," said Mike Cheetham, chief executive officer of Chesapeake.
"Carlyle's backing will support our aspirations to build upon our strong investments over the past three years as we further grow and develop our business. This collaboration will allow us to respond effectively to new business opportunities as we look to further align our business with our customers' global requirements," he added.
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