Ardian arranges a unitranche financing for Sagard's acquisition of Ipackhem

Founded in 1987 by Jean-Philippe Morvan, as part of the Air Products group, Ipackchem was one of the pioneers having introduced the fluorination technology for the production of high quality containers used to package substances for which permeation, contamination and evaporation constraints are critical.

When Céréa Capital led the Company’s spin-off in 2014, Ipackchem operated mainly in Europe, through its three production facilities in France, the UK and Hungary. It has since expanded its geographical footprint to South Africa, through the acquisition of a local partner, and more recently to Brazil, where it has opened a new greenfield facility. These development initiatives were driven by Ipackchem’s strategy to serve its main customers in all their geographies. The Company generates c. €60 million in revenue.

Sagard’s acquisition of Ipackchem will give the management, who will remain shareholders, the financial and human resources to pursue further international development through both organic growth and acquisitions.

Guillaume Chinardet, Head of Private Debt France and Managing Director at Ardian, said: “Ipackchem presents an excellent investment opportunity, with a strong management team and a unique technological leadership in fluorination, which has created highly favorable and defensible market positions. The Ardian Private Debt team is delighted to provide Ipackchem and Sagard with a tailored financing solution meeting the Company’s ambitious growth strategy both for additional investments and acquisitions.”

Jean-Philippe Morvan, CEO of Ipackchem, added: “We hope to continue Ipackchem’s ambitious growth strategy, to which the financing solution provided by Ardian is particularly well suited, due to the flexibility it grants. Moreover, Ardian is well-placed to support our next growth phase, notably due to its long-term and partnership-based approach.”

Antoine Ernoult-Dairaine and Saïk Paugam, Partners at Sagard, concluded: “We are confident that Ardian will be a strong partner to support the development of the Company in the years to come. The financing solution they have provided is perfectly in line with Ipackchem’s ambitions, particularly for the growth strategy targeted by the management team, which relies on the development of new manufacturing plants, as well as acquisitions.”