Our Portfolio

Berlin Packaging

Berlin Packaging provides global packaging services with a focus on the food and healthcare industries
Key stats
Region North America
Date invesed 2019
Sector Business services
Underlying manager Oak Hill Capital Partners

Co-investment alongside Oak Hill Capital Partners


Berlin Packaging is a global provider of rigid packaging (plastic and glass) and packaging related services with a focus on the food and healthcare industries. It provides its clients with a full integrated service to design, finance and commission packaging and is the No. 1 distributor of rigid packaging in North America operating in a $7bn core addressable market. The company has a strong financial track record and a highly cash generative business model with demand that has proved resilient through the cycle.

Investment Rationale

  • Offers compelling value proposition to both its customers and manufacturers
  • For customers it provides access to >1,200 manufacturers at advantaged pricing from its scale
  • It allows manufacturers to focus on their core business, while receiving access to a fragmented base of >18,000 small customers
  • Its scale and long-standing relationships create high barriers to entry; low customer concentration and churn

More case studies

Share price (ICGT)

34.00P (3.23%)
1:22AM 17 May 2022
The share price information is delayed by at least 15 minutes

Net Asset Value

As of 31 January 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p