IMAP advises rotary converting solutions provider Madern on transaction with Torqx Capital Partners and its portfolio company CSi Packaging

IMAP is pleased to announce that Madern, a global leading company in post-press converting solutions, has concluded a transaction with Torqx Capital Partners and its portfolio company, CSi Packaging, creating a strong group in the post press converting industry.

Madern, founded in 1954, is a global leading manufacturer of an extensive range of high-quality and innovative custom-made rotary converting solutions for the cardboard packaging industry. The company is headquartered in Vlaardingen, the Netherlands and operates from various locations worldwide, including manufacturing sites in the Netherlands and the U.S. and a sales office in Hong Kong.

CSi Packaging, acquired by Torqx Capital Partners in 2021, was established in the 1990s and was formerly part of CSi Palletising. The company is a global leading developer and manufacturer of high-speed equipment for post press automation processes in the cardboard packaging industry. Csi Palletising develops highly innovative and state-of-the-art solutions for converting and stacking, finishing, finished goods and reel logistics and has a manufacturing site in the Netherlands and a sales office in the U.S.

Torqx Capital Partners is a renowned Dutch private equity firm which invests in medium-sized companies in the Benelux region with significant value creation potential, and focuses on various funding situations including growth, buy-and-build, performance improvement, turnaround, and transformation scenarios. It is active in a wide range of industries including Manufacturing, Distribution, and Services, and typically acquires majority stakes based on partnerships with entrepreneurs and management teams.

With its acquisition of Madern, Torqx Capital Partners combines CSi Packaging’s post press automation solutions with Madern’s post press converting solutions, creating a strong international player in the market. Furthermore, the companies can benefit from each other’s ongoing innovations.

Madern and CSi Packaging will be rebranded into Madern Tooling and Madern Automation respectively. Madern Tooling will be the innovation company for ultimate rotary converting solutions while Madern Automation will focus on the development of the most effective cutting and automation projects. Other specialized companies in the group are Weidenmiller, Evers, and AJB Instrument. Weidenmiller specializes in providing high quality CNC engraved die rolls for the Food Bakery industry, and in particular, for biscuits, crackers, and candies. Evers manufactures tools for the liquid packaging industry and AJB Instrument is specialized in the development and production of highly complex precision components.

Torqx Capital Partners will support Madern Tooling and Madern Automation in achieving further growth, building on its strong international position in the post press converting industry.

IMAP Approach

The IMAP Netherlands team, comprising Guillaume Petit, Jan Pieter Borst, Frank Ruijgrok, and Pim Oude Wesselink, advised Madern on the transaction with Torqx Capital Partners and its portfolio company CSi Packaging.

IMAP Netherlands already has experience in the packaging market, having previously advised the shareholders of CSi Packaging on its sale to Torqx Capital Partners in 2021, among other transactions. Madern previously collaborated with CSi Packaging on numerous projects and the two have a complementary client offering and a similar company culture. Therefore, Torqx Capital Partners, together with its portfolio company CSi Packaging, proved to be the right buyer.

IMAP Netherlands supported Madern in preparing, negotiating and successfully closing the transaction which combines the market position, know-how and company culture of both companies, leaving founder Jean Madern with strong confidence for a prosperous future for the newly created Madern Group.

Jean Madern, CEO and owner of Madern commented

“I was very pleased with the services of IMAP Netherlands in our transaction. The team demonstrated a strong understanding of Madern’s business, our business model and industry dynamics. The team provided the quality support we required for such a notable transaction and proved to be the right advisor on the deal. Moreover, we really appreciated the personal touch, the commitment from day one, and the relentless efforts of the team members in getting the transaction closed.”