Last year, Wendel signed an agreement to sell Constantia Flexibles – a partner to over 4,000 pharmaceutical, food, and consumer goods customers with 28 sites in 15 countries – to an affiliate of One Rock Capital Partners. It was expected to sell at a price that would yield net proceeds of approximately €1,097 million.
The acquisition has since been completed. J.P. Morgan served as lead financial advisor and Latham & Watkins LLP served as legal advisor to One Rock on the transaction; Willkie Farr & Gallagher LLP served as legal advisor and Evercore served as financial advisor to Constantia.
“We are thrilled that Constantia is officially a part of the One Rock portfolio,” said Telmo Valido, Partner at One Rock. “This is a business already distinguished by a dedicated focus on its customers, and we look forward to contributing One Rock’s industry and operational expertise to further support the Company’s ongoing growth initiatives.”
“Constantia’s commitment to product innovation, sustainability and quality underscores its position as a market leader in the flexible packaging industry,” continued Kurt Beyer, partner at One Rock. “We look forward to working alongside Constantia’s management team to enhance its operational capabilities and suite of packaging solutions to maximize its potential.”
Pim Vervaat, CEO at Constantia Flexibles, added: “Demand for flexible packaging is increasing, and at Constantia we continue to strive to provide leading products and service for our customers’ growing needs. As we enter this next chapter of growth, we look forward to collaborating with One Rock to continue to build on our success.”
The acquisition comes after Constantia signed a joint venture agreement with Premji Invest and S.B. Packagings this time last year; its goal was to expand its business and operations in various packaging sectors and create value in the Indian market.
In more recent news, glassmaker Bormioli Luigi has absorbed Bormioli Rocco in hopes of accelerating its growth and development in the glass sector; and Ball Corporation is selling its aerospace business to BAE Systems to streamline its focus on developing low-carbon aluminium packaging and facilitating organic growth across its operations.
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