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Bosch to sell its packaging business to CVC Capital Partners for €850 mn

Bosch CVC sale, Bosch sell off

The Bosch packaging business has revenues of about €1.3 bn; the company will now focus on electric and autonomous vehicles

Bosch is in talks with CVC Capital Partners to sell its packaging machinery business for €850 million, Reuters reported.
The process for the sale was started a year ago. CVC Capital Partners had competition from Italian engineering group Coesia, German industrial holding Koerber as well as private equity firms KKR and Bain. All the companies placed their final bids by a mid-June, where CVC Capital Partners emerged as the winner.

Bosch’s decision to sell its packaging business is based on the company’s portfolio overhaul which will see it emphasise on electric and autonomous car technologies.
The automobile industry and its suppliers are under pressure to accelerate investment in electric and autonomous vehicles, following a crackdown on diesel.
The sale could also be influenced by Bosch’s automotive parts business currently being under investigation in the US in connection with providing components that Volkswagen used in its alleged emissions cheating.

The business which makes machines for pharmaceuticals and food packaging has revenues of about €1.3 billion. It employs 6100 staffs in 15 countries, but is not part of the group’s core business.
Last week, US-based Centerbridge Partners acquired European packaging company Solidus Solutions for €330 million. Earlier in March, packaging manufacturer Berry Global Group acquired UK rival RPC Group.
Last year, Bosch acquired Detroit-based carpooling startup Splitting Fares as part of its expansion in electric and autonomous vehicles industry.CVC Capital Partners raised a €16 billion fund in 2017. Besides acquiring Bosch’s packaging business, the firm acquired stakes in advisory firm Teneo Holdings and Premiership Rugby.

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