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Ontex sold to GS Capital Partners and TPG for EUR1.2bn

Ontex, a European private label hygienic disposables manufacturer, has been sold to GS Capital Partners and investment funds managed by TPG Capital for EUR1.2bn.

This deal is the largest ever private equity transaction in Belgium.

The transaction, which is subject to customary regulatory approvals, is expected to be completed before the end of the year.
 
Sales across Ontex’s three divisions – retail, healthcare, and Turkey regional – totalled EUR1.1bn in 2009.
 
The retail division primarily supplies private label products including disposable diapers, feminine care products and adult incontinence products to retailers, supplying Europe’s leading retailers.
 
The healthcare division principally supplies the healthcare market including institutions such as hospitals and health authorities across Europe.
 
The Turkey regional division principally supplies branded baby care, adult incontinence, and feminine care products to the Turkish retail market and surrounding countries.
 
Michael Teacher, Ontex’s chief executive officer, says: “Ontex has been successfully transformed in recent years into a leading manufacturer of private label hygienic disposables in Europe. The management team is excited by the prospect of enhancing Ontex’s existing position through the support, new capital and skill sets of our new owners.”
 
Richard Butland of GS Capital Partners says: "Ontex has made significant advancements in the past few years and we are very excited about this opportunity to invest in a company with such an established presence and development potential."
 
Simon Henderson of TPG adds: "The partnership between TPG, GS Capital Partners and the Ontex management team will open a range of new opportunities for Ontex. Through our global reach and operational capabilities, we look forward to helping drive the next stage of the company’s profitable growth.”

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