Dubai International Capital (DIC), the private equity arm of Dubai Holding, has completed the sale of Mauser Group, a leader in industrial packaging to US-based private equity firm Clayton, Dubilier & Rice for about $1.7 billion.

The agreement for this sale was announced on May 12.

David Smoot, chief executive officer of DIC, said: “We are extremely pleased with the outcome of the Mauser sale. This transaction demonstrated DIC’s ability to improve and grow the companies it has invested in to ultimately achieve an attractive value at the point of exit. We are now focused on continuing to enhance the value of our remaining portfolio as we prepare the companies for an eventual exit.”

Mauser, with approximately 4,400 employees and consolidated revenues of over $1.6 billion, was originally acquired by DIC in 2007 in a deal that valued the Group at c. $1.1 billion.

Bank of America Merrill Lynch acted as exclusive financial advisor to DIC. Latham & Watkins provided DIC with legal counsel. – TradeArabia News Service