Investment Firm Wendel Acquires Alabama-Based Plastics Packaging Company, CSP Technologies
30 Janeiro 2015 - 12:00PM
Business Wire
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
Press:WendelChristine Anglade-Pirzadeh+33 (0)1 42 85 63
24c.angladepirzadeh@wendelgroup.comorU.S.FTI ConsultingRaina
Gajjar, +1 212-850-5724raina.gajjar@fticonsulting.comorAnalyst and
investor:WendelOlivier Allot, +33 (0)1 42 85 63
73o.allot@wendelgroup.comorWendelElisa Muntean, +33 (0) 1 42 85 63
67e.muntean@wendelgroup.com
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