PET and plastic packaging supplier Petainer has been named as the reserve bidder for the purchase of APPE with a bid of approximately €300m.
Petainer will be getting financial backing from Next Wave Partners and KKR Asset Management for the acquisition.
APPE is the packaging division of Seda de Barcelona (LSB) which is an industrial plastic packaging group operating internationally through its 14 facilities across Europe, Turkey and North Africa.
Speaking about the proposed takeover, CEO of Petainer Nigel Pritchard said: "While being disappointed that we weren't able to acquire APPE in the administration process of La Seda de Barcelona, Petainer is well positioned and supported to continue to develop and grow the PET and plastics market with current products as well as new launches in the coming months.
"We continue to look for complementary acquisitions but are also focussed on our on-going organic growth. In particular we are very pleased to announce that we are preparing to enter the UK market with an investment in an all-new site, the location of which will be announced early in the New Year."
APPE manufactures single-stage and two-stage PET preforms, bottles and containers for markets including food, beverages, home and personal care. It also works in providing design and innovation in barrier and heat-set technologies.
"In the past few months, we have been engaged by a number of major UK-based brands and our innovative packaging solutions and consultative approach to brand owners, offering true economics, have led us to conclude that this is an opportune time to continue our exciting expansion plans.
"Bringing our vision and expertise to the UK will further enhance the performance in both small and large containers packaging - offering brand owners a true alternative, not just in PET, but also in other plastics," added Pritchard.
