Irving Place Capital, Oaktree Capital to Sell Chesapeake to The Carlyle Group
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Irving Place Capital, New York, N.Y., USA, and funds managed by Oaktree Capital Management, Los Angeles, Calif., have agreed to sell their ownership interests in Chesapeake, Nottingham, U.K., to The Carlyle Group, Washington. D.C. Chesapeake is a global supplier of specialty paperboard packaging, including folding cartons, leaflets, and labels, for the pharmaceutical, confectionary, and premium drinks markets. Founded in 1918, Chesapeake serves a customer base from 38 sites located throughout the U.K., continental Europe, the U.S., and Asia.
Irving Place Capital and Oaktree Capital completed the acquisition and recapitalization of Chesapeake in May 2009, supporting the transition from a publicly traded entity listed in the U.S. to a private, independent company domiciled in Europe. Since then, Chesapeake executed on a long-term strategic and operational plan that included a significant capital investment program designed to expand capacity and enhance manufacturing capabilities. In addition, Chesapeake completed three add-on acquisitions during this period, further strengthening its technical capabilities and geographic presence.
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