Trade Resources Company News Crown to Acquire Spanish Food Cans Manufacturer Mivisa Envases From Blackstone

Crown to Acquire Spanish Food Cans Manufacturer Mivisa Envases From Blackstone

Crown, a US-based food packaging firm, is set to acquire Spanish food cans manufacturer Mivisa Envases from private equity firms Blackstone and N+1 Mercapital and management in a €1.2bn deal.

Headquartered in Murcia, Spain, Mivisa Envases primarily caters to vegetable, fruit, fish and meat segments. The company currently operates ten manufacturing facilities, including six in Spain and one in Morocco.

It reported sales of €555m and EBITDA of €133m for the year ended 30 June 2013.

Subject to review by the European Commission and other competition authorities, the transaction is expected to close during 2014 and be accretive to earnings.

Crown chairman and CEO John W Conway said, "We are excited about the acquisition of Mivisa, as it will significantly build upon Crown's existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe's leading agricultural economies.

"We believe that adding this well-performing business to our broad network of food can operations in Europe will result in compelling benefits to both customers and shareholders."

Citigroup Global Markets provided financial advisory services to Crown and financing for the transaction.

Source: http://packaging.food-business-review.com/news/crown-to-buy-spains-mivisa-envases-for-eur12bn-011113
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Crown to Buy Spain's Mivisa Envases for Eur1.2bn