London-based equity firm Epiris has come out as one of the key beneficiaries in the CAD$1.13bn (£608m) sale of Innovia Group, the firm which manufacturer most of the worldâs polymer banknotes.
The Cumbria-headquartered firm, which recently courted controversy due to the use of animal fats in its new plastic £5 notes, has been sold to Canadian firm CCL Industries.
As part of the sale, Epiris will bag £106m owing to their interest in the manufacturing firm, which the equity firm says represents a 32% increase on the valuation of its investment at 30 September.
It comes a day after Epiris sold its interest in Parkdean Resorts to another Candian firm, Onex Corporation, for £1.35bn, with both deals expected to close in the first quarter of 2017.
Bill Priestley, Chief Investment Partner at Epiris, commented: We are delighted with the outcome of our investment in Innovia. The business has been transformed with the investment in new manufacturing capacity and with the sale of the Cello packaging business.
“Todayâs announcement marks the conclusion of a period of significant strategic progress for the business.
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