CHICAGO--(BUSINESS WIRE)--Coveris Holdings S.A. (“Coveris” or “the Company”), a premier global packaging manufacturer, today announced that it has entered into exclusive negotiations with Funds advised by Lindsay Goldberg LLC to sell its Global Rigid Business (“Global Rigid”) for a total consideration of €700m. The proposed sale is subject to customary regulatory approvals. Global Rigid generated sales for the year ended December 31, 2017 of approximately €560m.
Upon a completion of the proposed sale, Coveris will be fully focused on the flexibles market and it will have manufacturing facilities in 5 countries, 25 strategically located facilities and over 3,800 employees. Pro forma for the sale of the Global Rigid business, the Company’s remaining operations generated sales for the year ended December 31, 2017 of approximately €800m.
Jakob A. Mosser, Chief Executive Officer of Coveris, commented: “We are pleased to announce the proposed sale of our Global Rigid Business to Lindsay Goldberg. Following the sale of our Americas business, this will further strengthen our balance sheet and fully focus Coveris on the flexible packaging market where we are one of the largest players and have a strong platform for growth.”
Rothschild & Co and Lincoln International are serving as financial advisors and Dechert LLP are acting as legal advisors to Coveris.
As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day.