Prague-based private equity firm ARX Equity Partners has sold its majority stake in Polish films extrusion group Ergis-Eurofilms SA. The Northern Ireland Polymers Association defines film extrusion as a continuous, high temperature and high pressure plastic manufacturing method.

According to industry newspaper Plastics News, ARX sold its shares in Ergis in December through a series of block trades to investors on the Warsaw Stock Exchange. Financial terms of the deal and the identity of the buyer, however, were not mentioned. 

ARX, in a statement, said it originally acquired a majority shareholding in Warsaw-based Ergis through a leveraged management buyout transaction in 2003. The private equity firm partnered with Ergis managers Tadeusz Nowicki and Marek Gorski in the deal, the report said.

Plastics News, citing ARX's statement, said Ergis' revenues have trebled to more than €153 million in 2012. The company now generates more than half of its sales outside Poland. Meanwhile, ARX's investment in Ergis generated an overall internal rate of return of over 33% and a 4.5 cash-on-cash multiple. 

Ergis claims to be the largest film extruder in Poland. Its products include stretch films, shrink films, insulation and construction films, and rigid PVC film, the report said.