Lindsay Goldberg, New York, N.Y., USA, this week announced that it has agreed to acquire the Schur Flexibles Group, a manufacturer of flexible packaging products in Europe across a range of end markets including meat and cheese, confectionary, pharmaceutical specialties, and tobacco. Financial terms of the transaction were not disclosed.

Headquartered in Baden, Austria, Schur Flexibles manufactures flexible packaging, which mostly consists of composite products made from paper, plastic, and aluminum. In 2015, the company generated sales of approximately EUR 370 million, half of which were generated from the food industry.

The company covers the entire value-added chain in the packaging industry, from the procurement of raw materials to extrusion, pressing, lamination, and processing. Schur Flexibles operates 11 production plants across Germany, Finland, Denmark, the Netherlands, Poland, Slovakia, and Greece, and has approximately 1,100 employees.

Following the transaction, CEO and co-owner Jakob A. Mosser, who has led the company during the past five years, will continue to lead Schur Flexibles.

"We aim to drive organic growth and make accretive acquisitions. We have already identified a number of target companies that could create value for the portfolio," said Dr. Thomas Ludwig, managing partner of Lindsay Goldberg's German affiliate.

The acquisition of Schur Flexibles represents Lindsay Goldberg's second investment in a European packaging company. In 2012, Lindsay Goldberg invested in the Weener Group, working with management to achieve significant growth. During Lindsay Goldberg's ownership period, employee headcount increased from 1,200 to 2,000, sales increased from EUR 140 million to EUR 270 million, and earnings achieved similar performance.

Michael Dees, a Partner at Lindsay Goldberg, added that "the acquisition of Schur Flexibles aligns perfectly with Lindsay Goldberg's investment strategy in Germany and other markets. We are very excited to partner with and support the Schur management team as it continues to pursue its successful growth strategy."