Wendel Group Buys Constantia Flexibles from One Equity Partners

FRANKFURT, GERMANY and VIENNA—December 23, 2014—Funds advised by One Equity Partners (“OEP”) and the H. Turnauer Foundation have agreed to sell their 100 percent stakeholding in Constantia Flexibles to the Wendel Group. Wendel’s offer values the group at around € 2.3 billion (enterprise value). Constantia Flexibles is one of the world’s leading manufacturers of flexible packaging products and labels. OEP acquired the company in 2009, when it took over the majority of Constantia Packaging AG, and holds 75 percent of Constantia Flexibles. Twenty five percent belong 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," said OEP Managing Director Melchior von Peter. "Thomas Unger 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. Constantia Flexibles employs over 8,000 people in almost 80 group companies and delivers to over 3,000 customers worldwide. In 2013, the company achieved sales of EUR 1.63 billion and earnings (EBITDA) of EUR 233 million. Since OEP’s investment, sales have grown by 73 percent and earnings (EBITDA) by 76 percent.

“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," Thomas Unger, CEO of Constantia Flexibles said. "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, such as Bureau Veritas, Saint-Gobain, Materis Paints, Stahl and IHS in Africa. 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.