Constantia Flexibles, a global packaging manufacturer and portfolio company owned by an affiliate of One Rock Capital Partners, has announced an agreement to acquire approximately 57% of the shares of Aluflexpack from Montana Tech Components (MTC) and Xoris. In parallel, Constantia will launch an all-cash public tender offer for all publicly held registered shares of Aluflexpack. The offer is subject to certain terms and conditions, including the outcome of the regulatory process. The material terms and conditions of the offer are described in the pre-announcement of the offer which is available at https://afp-tender-offer.com.
The board of directors of Aluflexpack has unanimously resolved that it will recommend to the shareholders to accept the offer.
“I am delighted to welcome Aluflexpack to Constantia – this acquisition fits perfectly in our vision 2030 strategy as a strong packaging player in Europe and globally,” said Pim Vervaat, Constantia’s chief executive officer. “We believe the combination of our businesses represents a great strategic and cultural fit that will allow us to better serve our customers through an enhanced sustainable product range supported by a fully integrated technology portfolio whilst extending our geographical reach.”
Johannes Steurer, CEO of Aluflexpack, said, “Over the last decade, Aluflexpack transformed itself into one of the foremost flexible packaging companies in Europe. Our current standing and accomplishments are also a result of the support and commitment demonstrated by MTC. We deeply appreciate this partnership, which was a pillar of support over the years and instrumental in facilitating our expansion projects as well as investments in our people, leading technology and innovation. Together with a new partner, we will continue to work on our strategy in order to create the best possible value for our customers, employees and all stakeholders, and drive innovation projects and our sustainability agenda. We look forward to our partnership with the team at Constantia Flexibles.”
“With the acquisition by Constantia Flexibles, Aluflexpack can take a significant next step in growth, leverage core competencies and consolidate expertise in the packaging sector,” added Dr. Michael Tojner, CEO of MTC and former majority owner of Aluflexpack. “We are proud of a success story for us as an international industrial group, a strategic realignment, an IPO and now a new ownership structure fully focused on packaging. From the beginning, I saw the great potential of this company in the packaging segment. In total, more than 360 million euros have been invested in organic and inorganic growth since 2013. Together with the strong management and the motivated employees, we have succeeded in making Aluflexpack a global player in the field of flexible packaging solutions.”
Jefferies is acting as exclusive financial advisor and Latham & Watkins LLP and Bär & Karrer as legal advisors to Constantia in the context of this transaction. MP Corporate Finance is acting as exclusive financial advisor to MTC and Xoris and Walder Wyss and Freshfields as legal advisors to MTC and Aluflexpack.