Major purchase deal for Constantia completes
Published: 23 January 2024 | No comments yet
Pim Vervaat: 'Demand for flexible packaging is increasing.'
Packaging manufacturing group Constantia Flexibles, which has 22 flexo production sites around the world, has been acquired by an affiliate of One Rock Capital Partners, which said it would ‘further support the company’s ongoing growth initiatives’.
Constantia was previously owned by investment firm Wendel Group, along with Maxburg Capital Partners and other shareholders. The packaging business, headquartered in Vienna, Austria, has a total of 28 sites in 15 countries, with more than 7150 employees. Its customer base covers pharmaceutical, food and consumer goods sectors.
Kurt Beyer, partner at One Rock, commented, ‘Constantia’s commitment to product innovation, sustainability and quality underscores its position as a market leader in the flexible packaging industry. We look forward to working alongside Constantia’s management team to enhance its operational capabilities and suite of packaging solutions to maximise its potential.’
Constantia Flexibles’ CEO Pim Vervaat added, ‘Demand for flexible packaging is increasing, and Constantia continues to strive to provide leading products and service for our customers’ growing needs. As we enter the next chapter of growth, we look forward to collaborating with One Rock to continue to build on our success.’
The transaction for the purchase of Constantia was first announced in July 2023, stating that the price for the company would yield net proceeds for Wendel of around €1.097 billion, possibly rising to €1.124 billion. Constantia’s labels business was sold to Multi-Color Corporation in 2017, enabling it to concentrate on flexible packaging.