|
The Newark Group Agrees to Sell Its European Operation to a Private Equity Fund
Oct. 22, 2012 - The Newark Group said that it has reached an agreement to sell its European operations to PHI Industrial Acquisitions, a Spanish private equity fund focused on acquiring non-core assets from foreign multinationals. The sale includes all of Newark’s operations in Spain, France, Germany, and The Netherlands. Terms of the deal were not disclosed. “Our European and North American operations benefited from more than a decade of best practices that allowed both regions to grow, prosper and position themselves for the future,” said Frank Papa, President and CEO of The Newark Group. “Now, however, we believe it is the right time to separate the two entities and re-dedicate our energies and resources in the geographic markets in which we have historical strength while providing the means to pursue growth in new products and new markets,” he added. Newark expects the deal to close before the end of the year. SOURCE: The Newark Group |