Lindsay Goldberg is facing scrutiny from Austrian authorities over allegations that the firm artificially inflated EBITDA figures leading up to the 2021 exit of Austrian packaging company Schur Flexibles.
A previous attempt to sell Schur in 2019 fell flat: internal documents from sell-side adviser Goldman Sachs described skepticism from potential buyers Platinum Equity and Cinven, who raised concerns about Schur’s rapid EBITDA growth, lack of supporting financial data, and excessive adjustments to EBITDA. But, after temporarily pausing the process, Lindsay Goldberg eventually reached a deal to sell Schur to Austria-based investment firm B&C Group in 2021 for more than €900 million.