KPS Capital Partners’ Financing The Acquisition of Crown Holdings Inc.’s European Tinplate Business

KPS Capital Partners was assisted in the transaction by Chiomenti, while the Macchi di Cellere Gangemi, Homburger and Dechert firms assisted Crown Holdings. Allen & Overy advised a consortium of banks.

KPS Capital Partners, a private equity firm with significant investment experience in a wide range of manufacturing sectors, closed the € 2.25 billion transaction to acquire the food, aerosol and promotional packaging business in Europe. Middle East and Africa of Crown Holdings, a leading provider of protective packaging products, equipment and services, which will retain 20% ownership of the company.

Chiomenti assisted KPS Capital Partners in the Italian aspects of the acquisition with a team led for the corporate side by Partner Salvo Arena, head of the New York office, with senior associate Giovanni Colantuono and associates Jacopo Frontali and Elisa Gianni.

The acquisition was also financed through the issue of an HY bond for an amount equal to Euro 375 million, and a term credit line for an amount equal to Euro 1.175 billion and a revolving credit line for an amount equal to Euro 275 million. .

The legal aspects related to these financial transactions were followed by a team coordinated by partner Benedetto La Russa and counsel Cosimo Paszkowski and composed of senior associate Girolamo D’Anna and associates Niccolò Vernillo, Giulia Carnevale, Matteo Venuta and Davide Giannella.
The tax aspects were followed by the shareholder Raul-Angelo Papotti and the associate Simone Schiavini and the labor profiles by the counsel Valeria de Lucia and the associate Lara Paletto.

The Macchi di Cellere Gangemi firm advised Crown Holdings for the Italian jurisdictional aspects of the transaction with a team led by partner Ernesto Pucci, who took care of the corporate aspects. The partner Bruno Gangemi took care of the tax aspects, together with the senior associate Federico Di Cesare, while the partner Elisa Noto and the senior associate Matteo Patrignani took care of the labor and corporate aspects respectively.

Crown Holdings was advised in jurisdictions other than Italy by Dechert LLP, with a team led by corporate partners Ian Hartman and Michael Darby.

Allen & Overy assisted financial institutions in the credit lines and in the issuance of an HY bond with a multi-jurisdictional leveraged finance team headed by partners Nick Clark and John Kicken from the London office and, in Italy with the team consisting of partner Stefano Sennhauser, assisted by the associate Fabio Gregoris, for the financial aspects and by the partner Francesco Guelfi, assisted by the senior associate Elia Ferdinando Clarizia and by the associate Simona Simone for the tax aspects. The financing also saw the participation of teams from the Allen & Overy France, Germany, Netherlands and Spain offices.

The Homburger team was led by partner Daniel Hasler (Corporate / M&A) and included partner Reto Heuberger (Tax), associates Marc Hanslin and Stefan Luginbühl (both Corporate / M&A), Ivan Marijanovic (Employment and Executive Compensation) and Philippe Gobet (Tax) as well as junior associates Daniel Bötticher and Géraldine Danuser (both Corporate / M&A).

Involved fees earner: Giulia Carnevale – Chiomenti; Girolamo D’Anna – Chiomenti; Valeria De Lucia – Chiomenti; Davide Gianella – Chiomenti; Benedetto La Russa – Chiomenti; Lara Paletto – Chiomenti; Raul-Angelo Papotti – Chiomenti; Cosimo Paszkowski – Chiomenti; Simone Schiavini – Chiomenti; Matteo Venuta – Chiomenti; Niccolò Vernillo – Chiomenti; Daniel Bötticher – Homburger; Géraldine Danuser – Homburger; Philippe Gobet – Homburger; Marc Hanslin – Homburger; Daniel Hasler – Homburger; Reto Heuberger – Homburger; Stefan Luginbühl – Homburger; Ivan Marijanovic – Homburger; Federico Di Cesare – Macchi Di Cellere Gangemi; Bruno Gangemi – Macchi Di Cellere Gangemi; Elisa Noto – Macchi Di Cellere Gangemi; Matteo Patrignani – Macchi Di Cellere Gangemi; Ernesto Pucci – Macchi Di Cellere Gangemi;

Law Firms: Chiomenti; Homburger; Macchi Di Cellere Gangemi;

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