LONDON â€" The private equity firm Arle Capital Partners said on Monday that it had agreed to acquire the Innovia Group, a company set to supply materials for Britain’s new plastic bank notes.
The deal gives Innovia, based in Wigton, England, an enterprise value of 498 million euros, or about $690 million.
Arle, based in London, will acquire the company from the Candover 2001 Fund, part of the Candover Investments family of funds. Arle has acted as an investment manager for the fund.
Terms of the transaction were not disclosed.
Innovia, which employs about 1,600 people, is a maker of films used in labeling, packaging and polymer bank notes. It was awarded a contract this year to supply materials for the new plastic 5 pound and 10 pound notes.
The new notes are expected to be introduced beginning in 2016, with a new “fiver†featuring the visage of Winston Churchill.
