Constantia Flexibles is a manufacturer of customised flexible packaging solutions and partners with over 4,000 pharmaceutical, food and consumer goods customers internationally
One Rock Capital completes acquisition of Constantia Flexibles. (Credit: Rock Staar on Unsplash)
One Rock Capital Partners said that one of its affiliates has completed the acquisition of Constantia Flexibles from French investment firm Wendel.
Constantia Flexibles is a manufacturer of customised flexible packaging solutions and partners with over 4,000 pharmaceutical, food and consumer goods customers internationally.
The company, headquartered in Vienna, Austria, employs more than 7,150 employees at 28 sites in 15 countries all over the world.
One Rock partner Telmo Valido said: “We are thrilled that Constantia is officially a part of the One Rock portfolio.
“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.”
The acquisition was initially announced in July last year. As part of the deal, Wendel is expected to receive around €1,097m in net proceeds from the sale of the company.
This amount is equal to a multiple of 1.94 times its total investment in Constantia Flexibles since 2015.
Constantia was acquired by Wendel in 2015 for an enterprise value of €2.3bn and indicated €640m in equity for a 73% stake in the company, and syndicated a minority share of Maxburg Capital Partners’ investment.
Constantia Flexibles CEO Pim Vervaat said: “Demand for flexible packaging is increasing, and Constantia continues to strive to provide leading products and services 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.”
One Rock received lead financial advice from J.P. Morgan and legal advice from Latham & Watkins on the deal.
Constantia received financial and legal advice from Evercore and legal counsel from Willkie Farr & Gallagher.