The Americas Sale is subject to customary closing conditions, including regulatory approvals and it is expected to close in mid 2018. Goldman Sachs & Co. LLC and Wells Fargo Securities served as financial advisors to Coveris Americas. Kirkland & Ellis, LLP acted as legal advisors to Coveris Americas.
Coveris Holdings S.A. has entered into an agreement with Transcontinental Inc. (TSX: TCL.A, TCL.B) to sell the Company’s Americas packaging business for an aggregate purchase price of $1.320 billion, which shall be paid in cash and shall be subject to customary closing adjustments.
The proceeds of the Americas Sale are expected to be used to repay certain of the Company’s existing indebtedness. Coveris Americas generated sales and adjusted EBITDA for the year ended December 31, 2017 of $966 million in revenues and $128 million, respectively.
Upon the closing of the Americas Sale, the Company’s remaining operations will consist of its Rigid, EMEA, and UK Food & Consumer businesses, and it will have manufacturing facilities in 14 countries, 44 strategically located facilities and over 8,000 employees. Pro forma for the sale of the Americas business, the Company’s remaining operations generated sales and adjusted EBITDA for the year ended December 31, 2017 of €1.4 billion and €132.4 million (including €21 million of expected synergies in 2018), respectively.
Coveris Holdings S.A. manufactures and sells plastic packaging products in Europe, the Americas, and internationally. The company, led by Jakob A. Mosser, is based in Luxembourg.
Kirkland advised Coveris Holdings S.A. with a team including corporate partners Douglas Gessner (Picture), Jeremy Liss, Matthew Arenson and Jessica Sicsu.
Law Firms: Kirkland & Ellis;
Clients: Coveris Holding Corporation;