Sector News

Wendel to sell Constantia Flexibles to One Rock Capital Partners’ affiliate

August 6, 2023
Chemical Value Chain

French investment company Wendel Group has signed an agreement to sell Constantia Flexibles to an affiliate of One Rock Capital Partners.

Based in Austria, Constantia is a manufacturer of flexible packaging for over 4,000 pharmaceutical, food and consumer goods customers. Wendel said that Constantia would be sold for a price that yields net proceeds of €1.097 billion.

According to the company, the sale price represents a multiple of 1.94 times Wendel’s total investment in Constantia since 2015. In 2015, Wendel acquired Constantia for an enterprise value of €2.3 billion.

Wendel said the transaction’s net proceeds exceeded Constantia’s valuation by €84 million, according to Wendel’s net set value, published prior to the transaction announcement, as of 31 March this year. Furthermore, additional proceeds generated by Constantia’s ongoing assets disposals will further bring the proceeds up to €1,124 million.

David Darmon, Wendel Group’s deputy CEO, said: “The history of Constantia Flexibles within Wendel’s portfolio highlights the validity of our long-term investor model, which has enabled us to support the company in its development. Constantia Flexibles has thus placed innovation at the heart of its growth model, enabling it to rise to the challenge of the circular economy without compromising on the functional requirements of its products.”

He continued: “Under Pim Vervaat’s leadership, all Constantia Flexibles teams demonstrated their commitment and resilience during the Covid-19 crisis and coped brilliantly with the recent disruptions in the energy and commodities markets. They enabled the company to deliver outstanding operational, financial and extra-financial performance.”

Pim Vervaat, CEO of Constantia Flexibles, added: “Our current position and success would not have been possible without Wendel’s dedication and commitment. We are grateful for their supportive partnership over the years, which has enabled our growth and investments in our workforce, innovations, and sustainable offerings for the consumer and pharma markets. Working alongside Wendel has been a pleasure.”

The closing of the transaction is expected to take place during the second half of 2023, subject to the satisfaction of the contractual conditions precedents, including the clearance by regulatory authorities.

By Rafaela Sousa


comments closed

Related News

October 1, 2023

INEOS announces the acquisition of the Eastman Texas City Site for ~$500 million

Chemical Value Chain

The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.

October 1, 2023

Executive Vice President Lucrèce Foufopoulos-De Ridder to leave Borealis

Chemical Value Chain

The Supervisory Board of Borealis has accepted the decision of Lucrèce Foufopoulos-De Ridder, EVP Polyolefins, Circular Economy Solutions and Innovation & Technology to step down from her executive position at Borealis, and the Board of Borouge Pte effective 31 December 2023 to pursue other career opportunities.

October 1, 2023

Sidel unveils new StarLiteR rPET solution

Chemical Value Chain

Sidel has launched a new 100% rPET bottle base, StarLiteR, aiming to help carbonated soft drink (CSD) packaging producers embrace material circularity. StarLiteR allows CDS producers to switch to rPET bottle production easily and efficiently, while significantly reducing the impact on product quality or packaging integrity.

How can we help you?

We're easy to reach