Our Portfolio

Berlin Packaging

$13m
TOTAL INVESTMENT
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

Background

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)

754p
24.00P (3.29%)
5:21PM 6 Jul 2020
The share price information is delayed by at least 15 minutes

Net Asset Value

1,100p
As of 30 April 2020
Next update: October 2020 – Q2 results
Year Net assets NAV per share Share price Dividends per share
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