Lombard Sells Stake in S Pack to Oji Paper
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Lombard Investments, San Francisco, Calif., reports that it has sold its 23% stake in paper packaging manufacturer S Pack & Print Public Co. of Thailand to Oji Paper Co., realizing a 3.5x return. Oji Paper, founded in 1873 and based in Chuo-ku, Tokyo, is Japan's leading paper packaging and related product manufacturer.
Lombard notes that it invested in the then privately held S Pack through its Thailand Equity Fund to facilitate financial restructuring, a subsequent IPO, and expansion. During Lombard's holding period, the company built a strong market position that benefited from Thailand's growing export trade.
Established in 1982, S Pack has grown steadily to become one of Thailand's leading paper packaging companies, operating factories in Had Yai District, Songkhla Province, and Bangkok. S Pack provides high grade commercial printing and corrugated box services and products for multinational companies, including producers of latex gloves, consumer electronics, and convenience food and airlines.
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