One Equity Partners sells Constantia Flexibles to Wendel
- Published: December 29, 2014
FRANKFURT, GERMANY | Funds advised by One Equity Partners (“OEP”) and the H. Turnauer Foundation have agreed to sell their 100% stakeholding in Constantia Flexibles, Vienna, Austria, a manufacturer of flexible packaging products and labels to the Wendel Group. Wendel’s offer values the group at around €2.3 billion (enterprise value). OEP acquired the company in 2009, when it took over the majority of Constantia Packaging AG, and holds 75% of Constantia Flexibles; 25% belongs to the H. Turnauer Foundation.
“We are very happy with the way that Constantia Flexibles has developed over the last five years under the ownership of OEP,” says Melchior von Peter, managing director at OEP. “Thomas Unger [CEO of Constantia Flexibles] and the management team, along with all the employees of Constantia Flexibles, have done an excellent job. On behalf of OEP, I would like to say thank you for the outstanding cooperation.” Constantia Flexibles supplies its products to numerous multinational companies and local market leaders in the food, pet food, pharmaceuticals, and beverage industries. The company employs more than 8,000 people in almost 80 Group companies and delivers to over 3,000 customers worldwide. In 2013 the company achieved sales of €1.63 billion and earnings (EBITDA) of €233 million. Since OEP’s investment, sales have grown by 73% and earnings (EBITDA) by 76%.
Says Unger, “In recent years, Constantia Flexibles has developed from a regionally focused provider in Europe into a globally active group present in the most attractive and fastest growing markets for flexible packaging. We have positioned the company outstandingly for further profitable growth, and we will be working with our new owner to realize this potential in the future.”
Wendel is one of Europe's leading listed investment firms. The group invests internationally in companies that are leaders in their field. Wendel plays an active role as industry shareholder in these companies. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions.
The H. Turnauer Foundation intends to remain a significant shareholder of the company and is currently discussing with Wendel a potential re-investment. The transaction is subject to approval from the relevant antitrust authorities and is expected to be closed in the first half of 2015.
