One Equity Partners has agreed to acquire around a 66% stake in Austria-based Constantia Packaging BV from the Herbert-Turnauer Foundation.
Sulipo Beteiligungsverwaltungs GmbH, Vienna, an acquisition company controlled by One Equity Partners advised funds, reached an agreement today with Constantia Packaging B.V., which belongs to the Herbert-Turnauer Foundation, to acquire a stake of approx. 66 percent in Constantia Packaging AG. Under the terms of the agreement, OEP will become majority shareholder, whereas the seller, through a reverse investment, will continue to hold a stake of up to 25 percent in Constantia Packaging Group.
In connection with the acquisition of the majority stake, OEP intends to announce a public offer under the Austrian takeover code to the remaining minority shareholders of Constantia Packaging AG at a price of EUR 38.67 per share. This public offer is subject to the assessment of the offer document by the Austrian takeover commission (Übernahmekommission).
“Our goal is to offer long-term support to Duropack, Constantia Flexibles and AMAG, three well-positioned, independent Austrian companies, in realising their international growth opportunities. In this way, we create opportunities for management and employees and add value to our investment,” said Chris von Hugo, Managing Director of OEP and Chairman of OEP Europe.
“It is important to us that the previous majority shareholders remain on board, since it sends a positive signal to the companies of the group and their employees. It shows that we are opting for continuity in pursuing the group’s values: decentralisation, a focus on premium and core markets, and growth through the successful integration of highly targeted acquisitions,” said Johann-Melchior von Peter, Managing Director of OEP.
“The agreement reached with OEP today gives Constantia Packaging AG and its employees continuity, a stable ownership structure and the financial leeway it needs for further growth,” said Prince Michael von und zu Liechtenstein, Director of Constantia Packaging B.V.
”We are convinced that, with OEP, we are gaining a majority shareholder who will take us further along the path of successful international growth.”
OEP is financing the acquisition of the majority stake in Constantia Packaging AG entirely with equity capital. The transaction is conditional upon clearance by the competent competition authorities and subject to final agreement on two settlements – on the one hand between Constantia Packaging B.V. and the Fries-Scherb Group, and on the other hand between Constantia Packaging B.V. and the Immofinanz/Immoeast Group.
Rothschild and CA-IB acted as M&A advisers for Constantia Packaging B.V. One Equity Partners was advised by J.P. Morgan.
About One Equity Partners:
One Equity Partners (OEP) is an international private equity firm which focuses its investment activities on opportunities for industrial consolidation. OEP enters into long-term partnerships with both corporations and mid-market companies in order to create sustainable added value through strategic changes. OEP was founded in 2001 and manages funds of approx. 8bn USD exclusively for J.P. Morgan. OEP manages its European private equity business from Frankfurt with a team of 10 management and investment specialists who have successfully accompanied many European companies in their growth over recent years. Amongst others, OEP is currently majority shareholder of Süd-Chemie AG, core shareholder of MDAX-listed company Pfleiderer AG, and core shareholder of Carlson Wagonlit Travel and the Dutch Schoeller Arca Group.
About Constantia Packaging B.V. and Constantia Packaging AG
Constantia Packaging B.V., which belongs to the Herbert-Turnauer Foundation, currently holds a 90.79 percent stake in Vienna Stock Exchange listed Constantia Packaging AG. The remaining shares are in free float. Constantia Packaging AG operates in the “aluminum”, “corrugated board” and “flexible packaging” sectors. Approximately 7,600 employees in 20 European, Asian and American countries produce raw aluminium, semi-finished aluminum products as well as aluminum, plastic and corrugated board packaging for industries including food, beverage, pharmaceuticals, automotive and aviation.