CSP Technologies (Auburn, Alabama / USA; www.csptechnologies.com), a producer of speciality packaging for the pharmaceutical, healthcare as well as food and beverage markets, has been acquired by global investment firm Wendel (Paris / France; www.wendelgroup.com) at an enterprise value of USD 360m. As part of the transaction, Wendel has invested USD 198m for a 98% ownership in CSP.

Frederic Lemoine, Wendel executive board chairman, said: “CSP’s management team has delivered consistent growth over a long period of time, led by a strong focus on quality and innovation. We look forward to further supporting [CSP Technologies CEO] John Belfance and his team as they continue to expand into new markets. After the recent acquisition of Constantia Flexibles in Europe [see Plasteurope.com of 07.01.2015] and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013 to 2017 objective of investing EUR 2 bn globally.”

CSP Technologies was founded in 1928 and is headquartered in Auburn, Alabama with additional manufacturing facilities in Niederbronn / France. It has a presence in New York and Philadelphia in the US, Paris / France, London / UK, Seoul / South Korea and Tokyo / Japan. In Europe, the producer of drug delivery devices, pharmaceutical packaging, diagnostics, medical devices and consumer packaging is represented by subsidiary Capitol Europe (Niederbronn; www.capitoleurope.com). The French facility produces airtight and leak-proof containers.

CSP claims to be the global leader in the production of vials for the diabetes test strip market. It has over 400 employees, with 300 based in the US. It is expected to generate over USD 100m in revenue and free cash flow (EBITDA minus capital expenditure) of around USD 26m in 2014.