Fri 09/22/2023 07:08 AM
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PAI is getting ready to bring its beauty and personal care packaging business Albéa to the market. The sponsor has recently hired Citi and Evercore with a view of launching a sale process in 2024, sources told Reorg.

The seller is currently performing a vendor due diligence on the asset, the sources said.

Bidders will have the option to bid for the entire business or piecemeal given that the group comprises various parts such as tubes, cosmetics and fragrance and others, the sources said.

Albéa has generated LTM adjusted EBITDA of $174.6 million as of June, according to an earnings presentation obtained by Reorg.

The company reported $382.5 million in organic sales for its second-quarter earnings, up 8.9% from $351.3 million in the same period a year earlier. Second-quarter organic adjusted EBITDA was up 20.8% to $50.4 million from $41.7 million a year earlier, according to the same earnings report.

Albéa’s accounting net debt was $853 million at the end of June, and consolidated senior secured net debt was $666.1 million with a consolidated secured net debt and adjusted EBITDA multiple at 3.81 in the second quarter versus 3.7 in the first quarter.

In March, Albéa completed a €566 million TLB amend and extend due 2027, priced at 94, as reported by Reorg. Goldman Sachs and BNP Paribas were lead banks, with CACIB, HSBC and ING acting as passive bookrunners.

PAI acquired Albéa in March 2018 for $1.6 billion, according to the sponsor’s website.

Albéa is a global packaging company producing a wide range of solutions for makeup, fragrance, skincare, personal and oral care markets.

PAI declined to comment. Citi and Evercore did not respond to requests for comment.

– Maryna Irkliyenko and Oscar Laurikka
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