Protective packaging firm Pregis announced that it is selling the €211.6m(£185m)turnover company, which supplies specialised flexible packaging films for the food, consumer goods and medical industries, to Sun European Partners, for €160m.

Kobusch-Sengewald, which recorded EBITDA profits of €24.8m for the 12 months to 30 September, operates six manufacturing sites, with two in Germany, three in the UK and one in Egypt. It also manufactures semi-rigid and rigid packaging solutions for the high-end food market.

Pregis said that the sale proceeds will go towards paying a portion of its asset-based financing, debt repayment and future reinvestment. 

In addition to its acquisition of Polestar earlier this year, Sun European Partners bought flexible packaging specialist Britton Group in April and Austria-based flexible packaging firm Unterland from Mondi in August. The company is the European wing of US-based Sun Capital Partners.

Nicholas Mockett, partner at Moorgate Capital, which has advised the private equity company on acquisitions, said: "Sun has an interest in the packaging industry which is unusual in the private equity community. It has set out to build a portfolio within plastic and rigid plastic packaging space and these are good businesses which fit in with its strategy. I think more acquisitions within these sectors are likely in the near future.

"It knows that packaging is a good industry to be in, particularly within sectors such as FMCG and pharmaceuticals, which are products that people do not stop buying in a recession. The European arm of Sun is replicating the success that the company has had in North America."