Aurelius Equity Opportunities SE & Co. KGaA has agreed to sell its subsidiary — Solidus Solutions — to funds advised by Centerbridge Partners L.P. for an enterprise value of approximately €330m.
Solidus is a European producer of sustainable fibre-based packaging solutions for food, beverage & horticulture, consumer goods and industrial applications.
The deal represents Aurelius’ largest exit to date, achieving a multiple of approximately 16x over the four years of ownership. The transaction is subject to the approval of the competent antitrust authorities and consultation with the central works council of Solidus Solutions in the Netherlands which is expected to happen in Q3 2019. Its exit from Solidus will increase Aurelius’ 2019 earnings by approximately €102m.
