EUROPE – Centerbridge Partners, a New York based private equity firm has completed the acquisition of fibre-based packaging producer Solidus Solution from Aurelius for €330m (US$364.29m)

Solidus Solutions was formed after the private equity firm, Aurelius acquired the Solid Board operations of Smurfit Kappa in the Netherlands, Belgium and the UK in April 2015.

The company prides as the leading European sustainable fibre-based packaging provider for food & beverage, consumer goods as well as industrial applications.

Arguably, Aurelius has focused and invested to put the business onto a standalone basis and improve its performance transforming it into an independent, pan-European operation and market leader in the field.

Richard Houben, chief executive of Solidus, said the deal would bring additional capital and industry expertise to support the expansion strategy of the business.

“Centerbridge is the right partner for us to continue growing internationally through further add-on acquisitions and by leveraging our product innovation capabilities and European market leadership.”

Centerbridge noted that it will further pursue strategic acquisitions in the next months to support the company’s geographic footprint and product portfolio.

Alex Stirling, senior managing director at Centerbridge added: “The acquisition of Solidus fits well into Centerbridge’s Private Equity strategy of investing in market-leading companies based in Europe with significant growth potential.

“Centerbridge’s industry expertise and international network will further strengthen Solidus’ position as a pan-European leader in the fibre-based packaging industry. We are delighted to partner with Richard and the Solidus team.”

Solidus Solutions operates five solid board mills and six packaging plants in the Netherlands, Belgium, Spain and the UK, with a combined production capacity of 350,000 tonnes.

The company also hold the majority shareholding in UK-based packaging boxes manufacturer Northern Paper Board.

In February this year, Aurelius acquired Spanish core board and solid board packaging products producer Abelan Board Industrial.

At that time, the company disclosed that the operations of Abelan will be combined with those of Solidus Solutions in a move intended to diversify its operations geographically and enhance growth.