Investment Firm Wendel Acquires Alabama-Based Plastics Packaging Company, CSP Technologies

PARIS--()--Wendel (MF:FP), a global investment firm, has completed the acquisition of CSP Technologies (“CSP”) at an enterprise value of US $360 million. As part of the transaction, the Wendel Group has invested US $198 million for a 98% ownership in CSP. In preparing for this acquisition, Wendel obtained the dollar amount corresponding to the transaction at a rate of 1.23 EUR/USD when it entered into exclusive negotiations in December 2014, investing a total amount of €160 million.

CSP is a leading producer of specialty plastic packaging solutions for the healthcare, food and beverage markets, and is the global leader in the production of vials for the diabetes test strip market.

Frederic Lemoine, the Chairman of Wendel’s Executive Board, said: “One year after the opening of Wendel North America’s office in New York, we are very proud to announce the acquisition of CSP. CSP’s management team has delivered consistent growth over a long period of time, led by a strong focus on quality and innovation. We look forward to further supporting John Belfance and his team as they continue to expand into new markets. After the recent acquisition of Constantia Flexibles in Europe and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013-2017 objective of investing €2 billion globally.”

John Belfance, CEO of CSP Technologies, commented: “Wendel’s long-term investment philosophy and 300-year track record of building exceptional manufacturing companies make them the ideal partner for us. We welcome them as a strategic partner as we continue to execute our domestic and international business objectives.”

CSP Technologies is headquartered in Auburn, Alabama with manufacturing facilities in Niederbronn, France. The company has over 400 employees, with 300 based in the US, and is expected to generate over US $100 million in revenue in 2014 and free cash flow(1) of approximately US $26 million in 2014.

(1) Free cash flow calculated as adjusted EBITDA less adjusted Capex

About Wendel

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 actively supports its companies’ long-term development strategies, which involve bolt-on acquisitions, organic growth and operational improvements so as to enhance their leading market positions. Through Oranje-Nassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of Van Gansewinkel Groep in the Netherlands, exceet in Germany, Mecatherm and Parcours in France, Nippon Oil Pump in Japan and Saham Group in Africa. Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.Wendel is listed on Eurolist by Euronext Paris. Standard & Poor’s ratings: Long-term: BBB-, stable outlook – Short-term: A-3 since July 7, 2014.

For more information, please visit http://www.wendelgroup.com/en/index.php

About CSP Technologies

CSP Technologies is a global provider of custom polymeric solutions and specialty protective packaging. Using patented Activ-Polymer™ advanced desiccant polymer technology, CSP Technologies manufactures innovative protection solutions that enhance the stability, shelf life and convenience of our customers' products. The company was founded in 1928 and is headquartered in Auburn, Alabama with manufacturing facilities in Niederbronn, France.

For more information, please visit http://csptechnologies.com

2015 Calendar    
Publication of 2014 earnings / Publication of NAV (pre-market release) Thursday, March 26, 2015
Shareholders' Meeting / Publication of NAV and trading update (pre-market release) Friday, June 5, 2015
2015 Interim Results / Publication of NAV (pre-market release) Thursday, September 10, 2015
2015 Investor day / Publication of NAV and trading update (pre-market release) Thursday, December 3, 2015

Contacts

Press:
Wendel
Christine Anglade-Pirzadeh
+33 (0)1 42 85 63 24
c.angladepirzadeh@wendelgroup.com
or
U.S.
FTI Consulting
Raina Gajjar, +1 212-850-5724
raina.gajjar@fticonsulting.com
or
Analyst and investor:
Wendel
Olivier Allot, +33 (0)1 42 85 63 73
o.allot@wendelgroup.com
or
Wendel
Elisa Muntean, +33 (0) 1 42 85 63 67
e.muntean@wendelgroup.com

Contacts

Press:
Wendel
Christine Anglade-Pirzadeh
+33 (0)1 42 85 63 24
c.angladepirzadeh@wendelgroup.com
or
U.S.
FTI Consulting
Raina Gajjar, +1 212-850-5724
raina.gajjar@fticonsulting.com
or
Analyst and investor:
Wendel
Olivier Allot, +33 (0)1 42 85 63 73
o.allot@wendelgroup.com
or
Wendel
Elisa Muntean, +33 (0) 1 42 85 63 67
e.muntean@wendelgroup.com