Blue Cap AG sells con-pearl – attractive valuation above net asset value achieved

• Sale of 100% stake to strategic investor
• Purchase price in the high double-digit million range and above last net asset value valuation
• Significant earnings growth during membership in the Blue Cap Group
• Adjustment of the forecast for fiscal year 2025 to the continuing operations

Munich, August 13, 2025 – Blue Cap AG ("Blue Cap") today signed an agreement to sell its 100% stake in con-pearl GmbH ("con-pearl"). The buyer is Inteplast Group Corporation ("Inteplast"), a strategic investor based in Livingston, New Jersey, USA. Closing of the transaction is expected to take place in the third quarter of 2025.

The total proceeds (before taxes) are in the high double-digit million range and more than 10% above the Net Asset Value as of December 31, 2024. The sale of the company corresponds to an internal rate of return of approximately 60% per year and represents a multiple of approximately 15x on the capital employed.

Value-generating transformation with strong earnings growth

con-pearl is an international manufacturer of innovative lightweight plastic products used in areas such as transport and storage packaging. When it acquired the company in 2019, Blue Cap initiated a strategically and operationally targeted development program. The initial focus was on consistently focusing on the core business and further developing the product portfolio. This enabled the company to tap into new growth areas, most notably the logistics sector, which was uncharted territory for con-pearl at the time. The company successfully returned to a path of profitable growth. This course was driven in particular by targeted expansion in the US and con-pearl's sustainability expertise, which increasingly proved to be a differentiating competitive advantage.

Dr. Henning von Kottwitz, CEO of Blue Cap, comments: "The sale, which has now been completed, marks the right step at the right time – as part of our best owner approach, we regularly review the individual exit readiness of our investments in order to realize the value potential we have created in a targeted manner. With the sale of con-pearl, we have been particularly successful in doing so. I am convinced that the company will continue to develop dynamically under its new owner. We wish the entire team continued success."

Stefan Hoedt, Managing Director of con-pearl, adds: "Blue Cap has provided us with outstanding support in developing and implementing our corporate strategy with its experience and expertise in dealing with medium-sized companies. Together with Inteplast, we will build on this foundation and continue to develop con-pearl successfully."

Adjustment of the forecast for the fiscal year

Taking the transaction into account, Blue Cap is adjusting its forecast for the full year. The Executive Board now expects consolidated revenue for the continuing operations⁽²⁾  for the full year 2025 to be in a range of EUR 120-140 million (previously EUR 200-220 million) and an adjusted⁽¹⁾ EBITDA margin of 5.0-6.0% (previously 10.0-11.0%). The significant reduction in target figures is attributable to the high share of revenue and earnings generated by con-pearl. Last year, the company generated sales of EUR 71 million and a clearly double-digit EBITDA margin. The proceeds from the sale are to be used in particular to expand the portfolio. The focus of M&A activities thus remains unchanged on acquisitions.

⁽¹⁾ Adjustments: Adjusted for extraordinary, non-recurring, and other effects from reorganization measures and one-off items.

⁽²⁾ Due to the sale of con-pearl, the company’s contributions for the current year as well as the previous year will, in accordance with IFRS methodology, be reported under discontinued operations. Accordingly, the continuing operations will comprise all other portfolio companies. The forecast stated here for the full year 2025 already takes into account only the continuing operations, excluding con-pearl.

About Blue Cap AG

Blue Cap AG is a listed investment company founded in 2006 and headquartered in Munich. The company acquires medium-sized B2B businesses in special situations and supports them in their entrepreneurial development, with the aim of selling them later at a profit. The acquired companies are headquartered in the DACH region, generate revenues between EUR 20 million and EUR 200 million, and have a sustainably stable core business. Blue Cap usually holds majority stakes in five companies from the plastics technology, production technology, life sciences, and business services sectors. The Group currently employs around 550 people in Germany and other European countries. Blue Cap AG is listed on the open market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E).www.blue-cap.de

Contact

Blue Cap AG
Annika Küppers
Corporate Affairs
Tel. +49 89 288909-24
ir@blue-cap.de