KPS Capital Partners’ €2.25 Billion Acquisition of Crown Holdings Inc.’s European Tinplate Business

Gleiss Lutz, Chiomenti, Paul Weiss, Gide Loyrette Nouel, Cuatrecasas, MacFarlanes and Stibbe have advised KPS Capital Partners on the deal. Dechert and Homburger advised Crown on the transaction.

KPS Capital Partners announced the acquisition of  Crown Holdings Inc.’s European tinplate business as part of an auction. The purchase price is EUR 2.25 billion.This means that KPS will acquire an 80 per cent stake, while Crown Holdings will retain a 20 per cent stake in the business. Closing of the transaction is still subject to the customary regulatory clearances and is planned for the third quarter of 2021.

KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of investment funds with around USD 12 billion of assets under management (as at 30 September 2020). KPS makes controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS has completed over 80 controlling investments through six institutional investment funds.

Crown Holdings is the world’s largest producer of aluminium food packaging and last year launched a strategic review for its can division. Based in Philadelphia and listed on the NYSE, the company has more than 200 manufacturing facilities worldwide. The European tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce food cans and ends, aerosol cans, metal closures and promotional packaging for various consumer brands. In 2020, the business generated EUR 1.9 billion in revenue and had approximately 6,300 employees.

The Gleiss Lutz team was led by Dr. Jan Balssen (Picture) and Dr. Christian Cascante and also included Dr. Olaf Hohlefelder, Andrej Popp, Dr. Doris-Maria Schuster, Dr. Daniela Mayr, Dr. Stefan Mayer, Dr. Ocka Stumm, Dr. Tim Weber, Svenja Heck, Dr. Ingo Brinker, Dr. Iris Benedikt-Buckenleib, Dr. Matthias Werner, Dr. Theresa Uhlenhut, Sebastian Girschick, Dr. Jacob von Andreae, Aylin Hoffs, Dr. Christian Hamann, Simon Wegmann, Dr. Alexander Molle, Dr. Matthias Schilde, Dr. Helge Kortz, Patrick Reuter, Jana Pinto Escaleira, Dr. Eike Bicker and Felix Wrocklage.

Chiomenti advised KPS Capital Partners on Italian matters with a team led by partner Salvo Arena, assisted by senior associate Giovanni Colantuono and associates Jacopo Frontali and Elisa Gianni.

Paul Weiss acted as US and international counsel with a team led by Alvaro Membrillera.

The Dechert team includes corporate partners Ian Hartman, Michael Darby, Christopher Field, Douglas Getter, Ermine Bolot-Massé and John Markland, counsels James Stonehill and John Ix, and associates Kenneth Winterbottom, Nicholas Carroll, Madeleine Williams, Amy Corenswet and Benhouda Derradji; antitrust partners Clemens York and Michael Cowie, counsels Michael Okkonen and Jill Ross, and associate Thirith von Doehren; labor partner Philippe Thomas and associate Maëlle Chausse; tax partner Edward Lemanowicz, and associates George Davis and Ishani Kundu; environmental partner Abbi Cohen; intellectual property partner Joshua Rawson, and associates Nathan Smith and Noah Shier; and real estate special counsel Francois Quintard-Morenas.

The Homburger team was led by Daniel Hasler and comprised Reto Heuberger, Marc Hanslin, Ivan Marijanovic, Philippe Gobet, Daniel Bötticher and Géraldine Danuser

Involved fees earner: Salvo Arena – Chiomenti; Giovanni Colantuono – Chiomenti; Jacopo Frontali – Chiomenti; Elisa Gianni – Chiomenti; Ermine Bolot – Dechert; Nicholas Carroll – Dechert; Maëlle Chausse – Dechert; Abbi Cohen – Dechert; Amy Corenswet – Dechert; Mike Cowie – Dechert; Michael Darby – Dechert; George Davis – Dechert; Benhouda Derradji – Dechert; Christopher Field – Dechert; Douglas Getter – Dechert; Ian Hartman – Dechert; John Ix – Dechert; Ishani Kundu – Dechert; Edward Lemanowicz – Dechert; John Markland – Dechert; Michael Okkonen – Dechert; Francois Quintard-Morenas – Dechert; Joshua Rawson – Dechert; Jill Ross – Dechert; Noah Shier – Dechert; Nathan Smith – Dechert; James Stonehill – Dechert; Philippe Thomas – Dechert; Thirith von Döhren – Dechert; Madeleine Williams – Dechert; Kenneth Winterbottom – Dechert; Clemens York von Wartenburg – Dechert; Jan Balssen – Gleiss Lutz; Iris Benedikt-Buckenleib – Gleiss Lutz; Eike Bicker – Gleiss Lutz; Ingo Brinker – Gleiss Lutz; Christian Cascante – Gleiss Lutz; Jana Pinto Escaleira – Gleiss Lutz; Sebastian Girschick – Gleiss Lutz; Christian Hamann – Gleiss Lutz; Svenja Heck – Gleiss Lutz; Aylin Hoffs – Gleiss Lutz; Olaf Hohlefelder – Gleiss Lutz; Helge Kortz – Gleiss Lutz; Stefan Mayer – Gleiss Lutz; Daniela Mayr – Gleiss Lutz; Alexander Molle – Gleiss Lutz; Andrej Popp – Gleiss Lutz; Patrick Reuter – Gleiss Lutz; Matthias Schilde – Gleiss Lutz; Doris-Maria Schuster – Gleiss Lutz; Ocka Stumm – Gleiss Lutz; Theresa Uhlenhut – Gleiss Lutz; Jacob von Andreae – Gleiss Lutz; Tim Weber – Gleiss Lutz; Simon Wegmann – Gleiss Lutz; Matthias Werner – Gleiss Lutz; Felix Wrocklage – Gleiss Lutz; Daniel Bötticher – Homburger; Géraldine Danuser – Homburger; Philippe Gobet – Homburger; Marc Hanslin – Homburger; Daniel Hasler – Homburger; Reto Heuberger – Homburger; Ivan Marijanovic – Homburger; Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Chiomenti; Dechert; Gleiss Lutz; Homburger; Paul Weiss Rifkind Wharton & Garrison;

Clients: Crown Holdings, Inc.; KPS Capital Partners, LP;

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Federica Tiefenthaler

Author: Federica Tiefenthaler