Clariant (Muttenz / Switzerland; www.clariant.com) has signed an agreement for the sale of its Healthcare Packaging business to an affiliate of Arsenal Capital Partners (New York, New York / USA; www.arsenalcapital.com). The proposed sale amounts to approximately CHF 308m (EUR 280m), which is equivalent to 13.2 times the adjusted EBITDA in fiscal 2018. Closing of the transaction is expected in Q4 2019, subject to customary conditions and approvals.

The Healthcare Packaging business belongs to Clariant’s masterbatches unit and is specialised in moisture, oxygen and odour control technologies, as well as primary plastic packaging for pharmaceuticals. This includes canisters, capsules, packets, bags, desiccant stoppers and closures and plastic bottles containing oxygen barrier materials. In 2018, Healthcare Packaging recorded sales of around CHF 135m. The business operates manufacturing plants in China (Dongguan, Guangdong, and Changshu, Jiangsu), France (Romorantin), India (Cuddalore, Tamil Nadu) and the US (Belen, New Mexico) and employs around 600 employees.

Arsenal has focused activities on the speciality industrials and healthcare sectors. The US firm has raised equity investment funds of approximately USD 5.3 bn since 2000. In the plastics industry, Arsenal took over PolyOne’s Spartech business in 2017 – see Plasteurope.com of 24.07.2017.