September 22, 2017 / 2:48 PM / a year ago

Turkey's Polinas to buy 90 percent of packaging firm Propak for 47 million euros

ISTANBUL (Reuters) - Turkey’s Polinas Plastik has agreed to buy 90 percent of packaging firm Propak Ambalaj for 47 million euros ($56 million), Polinas’s parent company said on Friday, a deal that will see U.S. private equity firm Bedminster Capital exit its stake.

Polinas, which makes film used in food packaging, is owned by Gozde Girism (GOZDE.IS), the investment arm of food giant Yildiz Holding. The deal, therefore, will make Propak Ambalaj part of Yildiz’s vast stable of brands, which include Godiva Chocolate and McVitie’s Biscuits.

Propak makes the packaging and wrappers for biscuits, crisps, ice cream and cereal. Bedminster will sell its 80 percent stake, while Propak’s founding family will sell 10 percent, according to financial services firm Unlu & Co, which advised Polinas and Gozde on the deal.

In April Reuters reported that Bedminster had mandated firms to sell its stake in Propak.

Separately, one of Yildiz’s group companies said on Friday it was considering making an offer for Nestle’s U.S. confectionery assets, which could be valued at around $2 billion.

Reporting by Muhammed Bakir Dursun and Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by David Dolan

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