Sun European Partners has announced that one of its affiliates has entered into exclusive negotiations to sell Albea to Funds advised by PAI Partners. Terms of the deal were not disclosed. The transaction is subject to customary regulatory approvals.

“We are pleased with the transformation of the company under Sun’s stewardship during a period which has seen an improvement in the financial performance of the company, its operational efficiency and the range of products it offers. We thank the management at Albea and wish them continued success under new ownership,” said Jerome Nomme, Managing Director of Sun European Partners.

“We are excited for this new chapter in Albea’s 60-year history. Sun has been an outstanding shareholder for the past seven years, continuously supporting our business development. We are looking forward to working with our new shareholder as we consolidate our position as the leading provider of solutions to the world’s most prestigious and most dynamic brands,” added Francois Luscan, CEO of Albea.