US-based private buyout firm OpenGate Capital, a global has completed the acquisition of French paper mill DS Smith Packaging Papeterie de Nantes SAS from UK-based corrugated and plastics packaging provider DS Smith Plc, (LON: SMDS), the firm said on Tuesday 3 february.
The Nantes mill, located in Nantes, France, is a specialty producer of white top testliner paper used in a variety of packaging applications.
Terms of the acquisition were not disclosed.
According to OpenGate, the Nantes mill produces white top testliner made from 100% recycled fiber, with best in class quality and printability in a wide grammage and trim range. The business has approximately 70 employees and a production capacity of approximately 50kT per year.
Under terms of the acquisition, the mill will continue to supply materials to its former parent company, DS Smith, and over time and under OpenGate’s ownership, will expand its customer base throughout France and Europe.
OpenGate Capital specialises in the acquisition and operation of businesses seeking revitalisation through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France, New York City, and So Paulo, Brazil.