Ardagh Glass to buy can major

Irish packaging company Ardagh Glass Group is to buy the world“s second-biggest food can maker. Following the sale, which is subject to regulatory clearance, Doughty Hanson will return EUR 688 millio…

Irish packaging company Ardagh Glass Group is to buy the world“s second-biggest food can maker. Following the sale, which is subject to regulatory clearance, Doughty Hanson will return EUR 688 million to investors in its private equity funds II and III, a 2.6 times return on investment. Doughty Hanson, founded by Nigel Doughty and Richard Hanson in 1985, said fund II will close on completion of the deal, with total returns of 2.7 times the investment cost and an internal rate of return of 84%. Doughty Hanson formed Impress in 1997 when it merged French and German packaging businesses. It expanded in 2000 with acquisition of the can making business of H.J. Heinz. Impress makes annual sales of about EUR 1.8 billion and employs 7,500 people. John Gemmell, principal at Doughty Hanson, said: “Impress has been a very successful investment for Doughty Hanson and our investors in funds II and III. The company has grown strongly by acting as a catalyst for consolidation across the metal packaging industry, to become the global market leader”.