PARIS, FRANCE: Wendel, one of Europe’s leading listed investment firms, has announced that it has signed an agreement to sell Constantia Flexibles, a global leader in the flexible packaging market, to an affiliate of One Rock Capital Partners, a private equity firm based in New York.
The deal, expected to close in the second half of 2023, will generate net proceeds of about €1.1 billion for Wendel, reflecting a multiple of 1.94 times its total investment in Constantia Flexibles since 2015.
Constantia Flexibles produces flexible packaging solutions for a diversified portfolio of blue-chip customers and local champions in the consumer and pharmaceutical industries. The company has a team of over 7,000 employees and operates in more than 20 countries. Under Wendel’s ownership, Constantia Flexibles has grown through innovation and acquisitions, developing a pipeline of more sustainable products and expanding its presence in emerging markets.
David Darmon, Wendel Group’s Deputy CEO, said: “The history of Constantia Flexibles within Wendel’s portfolio highlights the validity of our long-term investor model, which has enabled us to support the company in its development. Constantia Flexibles has thus placed innovation at the heart of its growth model, enabling it to rise to the challenge of the circular economy without compromising on the functional requirements of its products. Under Pim Vervaat’s leadership, all Constantia Flexibles teams demonstrated their commitment and resilience during the Covid-19 crisis, and coped brilliantly with the recent disruptions in the energy and commodities markets. They enabled the company to deliver outstanding operational, financial and extra-financial performance.”
Pim Vervaat, CEO of Constantia Flexibles, said: “Our current position and success would not have been possible without Wendel’s dedication and commitment. We are grateful for their supportive partnership over the years, which has enabled our growth and investments in our workforce, innovations, and sustainable offerings for the consumer and pharma markets. Working alongside Wendel has been a pleasure.”
One Rock Capital Partners is a private equity firm that makes controlling investments in companies with potential for growth and operational improvement. The firm has experience in various industries, including chemicals, manufacturing, business services, and healthcare. Telmo Valido and Kurt Beyer, Partners at One Rock, said: “We look forward to partnering with Constantia’s management team to continue innovating to solve for the evolving packaging needs and sustainability requirements of the company’s customers.”
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