King & Wood Mallesons SJ Berwin advised CEREA Partenaire, through its fund Cerea Capital and in association with Bpifrance, the management of the group and the group’s Hungarian industrial partner Chemark, on the acquisition of Speciality Chemical Packaging (Spec Chem), the former division of  British group Chesapeake, from Irving Place Capital and Oaktree Capital Management.

CEREA Partenaire is a leading private equity investor specialising in agribusiness and related sectors. Since its creation in 2004, CEREA Partenaire has carried out 49 investments and invested, with its co-investors, more than €400 million.

"Spec Chem" is the former division of Chesapeake, a global provider of paper, cardboard and plastic packaging and is the European leader in barrier plastic packaging used mainly in the transport and storage of agrochemical products. The company  reached a turnover of approximately €50 million and employs 200 persons in Europe, like in its historical factory in France, near Saint-Etienne.

This carve-out process will allow the group to deploy its resources in new areas with strong agricultural activity, in particular Brazil and Russia.

The King & Wood Mallesons SJ Berwin team was composed of partner Thomas Maitrejean, associates Thomas Dupont and Benjamin Thorez, and London partner Ylan Steiner for Corporate; partner Raphael Béra, associate Thomas Guillier and London partner Gareth Amdor on Tax aspects; and partner Olivier Vermeulen, associates Marc Zerah and Margaux Baratte on Finance aspects.