Epiris and Smithfield seal C$1.13bn sale of Innovia to CCL

Epiris, the private equity fund manager formerly known as Electra Partners, has sold Electra Private Equity’s stake in Innovia Group, a maker of films and substrate for polymer banknotes, to CCL Industries in a deal valuing the company at C$1.13bn (€810m).

The deal also provides an exit for the investment firm Smithfield Group.

Electra is set to receive proceeds from the sale of £106m, £26m or 32 per cent higher than the valuation of the investment at the end of September 2016. The exit will deliver a return of 3.2x money and an IRR of 51 per cent (based on a completion date of 28 February 2017).

Innovia is based in Cumbria and runs four manufacturing sites around the world. It produces the substrate used to make the polymer banknotes of 24 central banks.

Epiris (previously Electra Partners) invested €40m in Innovia in 2014 alongside Smithfield.

The sale follows Epiris’s exit of Parkdean Resorts earlier this week.