CCL Industries Acquires Zephyr Company

Published: March 29, 2016

TORONTO, ON, CANADA | CCL Industries, a supplier of specialty label and packaging solutions for global corporations, small businesses, and consumers, has acquired Zephyr Company (Private) Limited, a privately held company headquartered in Singapore, and its two Malaysian subsidiaries in Penang and Johor ("Zephyr"), purchasing 100% of the outstanding equity interest in the three entities in both countries from multiple private shareholders.

Zephyr is a label converter focused on customers in the electronics industry. Sales in calendar 2015 were approximately $36 million with an adjusted EBITDA estimated at $6 million. Purchase price consideration net of cash acquired, subject to customary completion adjustments, is estimated at $39 million and includes a large owned manufacturing facility in Singapore.

Geoffrey T. Martin, president and CEO of CCL, says, "We are delighted to welcome CS Ko and his deeply experienced people to CCL. Zephyr will immediately change its trading identity to CCL Design and continue to focus on the electronics industry in Southeast Asia. The new business reports locally to Jim Anzai, VP and managing director, CCL Asia, and forms an integral part of the global CCL Design initiative. These new geographies for CCL are important for the development of our overall business in Asia, complementing our strong presence in the electronics industry in China following the acquisition of Worldmark in 2015."

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