K Capital wins Smurfit brief

Irish-based K Capital Source is handling the Dublin and London listing of the world's largest cardboard box manufacturer, Smurfit Kappa.

The K Capital team, headed by director Jonathan Neilan, will also advise on global financial comms for the listed company.

Smurfit Kappa, based in Dublin, is expected to command over £870m for the listing. K Capital worked on the 2005 merger of Irish firm Jefferson Smurfit Group and Dutch company Kappa Packaging to become the Smurfit Kappa Group.

The merger saw Madison Dearborn Partners, Cinven Limited and CVC Capital Partners own the firm jointly.

Proceeds from the listing will pay down debt used by private-equity firm Madison Dearborn to acquire Jefferson Smurfit in 2002.

The Smurfit Kappa board said industry conditions are ‘extremely attractive'. The listing will result in the retirement of chairman Sir Mic­hael Smurfit, who turned the company from a local trader into a global firm.

The sale is expected later this month, with a primary listing on the Irish Stock Exchange and a secondary listing on the London Stock Exchange.

Smurfit Kappa last year reported net losses of over £73m in the nine months to September 2006.

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