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Flint Group Up for Grabs?

Based on a news published by Reuters the world’s second-largest printing ink maker, Flint Group, is nearing a debt deal seen as a pre-condition to proceed with a sales process that its owners launched last year, people close to the matter said.

According to Reuters Flint Group has seen its supply chains affected and sales decrease during the coronavirus pandemic and expects its 2020 earnings before interest, tax, depreciation and amortization to fall from the 266 million in 2019, the sources said. One source said it may reach 220 million euros this year, while another said to expect a higher figure.

It is expected to agree a so-called extend and amend deal for its 1.7 billion euros ($1.86 billion) in liabilities within the next two to three weeks, the people said, adding this would likely see an extension of maturities by two years at slightly better terms.

Flint Group, one of the largest suppliers to the printing and packaging industry worldwide, was created by the union of XSYS Print Solutions and Flint Ink Corporation in late 2005. XSYS was the result of a 2004 union between ANI and BASF Printing Systems, both long-standing printing industry providers with locations around the world. Flint Ink was founded in the US in 1920 and grew consistently over time to become an internationally renowned supplier of printing inks and colourants. The 2007 acquisition of Day International completed the product line, substantially increasing Flint Group’s global position in the non-ink pressroom consumables market.

The company is privately owned by Goldman Sachs Merchant Banking Division in partnership with Koch Equity Development LLC, a subsidiary of Koch Industries, Inc.

There are a number of private equities that might be interested to buy the troubled company.

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