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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  CCL Industries Inc.    CCL.B   CA1249003098

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German packaging group Constantia Labels up for sale: sources

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05/12/2017 | 03:11pm CET

Buyout group Wendel (>> Wendel) has put German packaging group Constantia Labels up for sale in a deal that could be worth more than 1 billion euros ($1.1 billion), as it seeks cash for investments in a sister company, two people familiar with the matter said.

Buyout group Wendel (>> Wendel) has put German packaging group Constantia Labels up for sale in a deal that could be worth more than 1 billion euros ($1.1 billion), as it seeks cash for investments in a sister company, two people familiar with the matter said.

Wendel has asked Goldman Sachs (>> Goldman Sachs Group Inc) to evaluate options including a sale of the group, which is part of its larger packaging firm Constantia Flexibles, after receiving offers from three interested parties.

The investor, which owns 60 percent of Constantia Flexibles, as well as its co-investors are considering using proceeds from a sale of the labels group to fund add-on acquisitions for the remainder of the company, one of the people said.

Constantia Labels is expected to post earnings before interest, tax, depreciation and amortization of 113 million euros this year and could be valued at more than 10 times that, in line with industry peers, the sources said.

Information packages have been sent out and first-round bids are due at the end of May, the people said, adding that there are no plans for a stock market listing of the firm.

Peers such as CCL Industries (>> CCL Industries Inc.) and Multi-Color Corporation are considering offers, as are private equity groups such as Cinven [CINV.UL] and Blackstone (>> Blackstone Group LP), they said.

Wendel, Goldman Sachs and Cinven declined to comment. The others were not immediately available for comment.

Constantia Flexibles was acquired by Wendel for 2.3 billion euros in 2014, after a planned initial public offering by former owner OEP had failed a year earlier. The investor has since strengthened the group, which employs 10,000 staff, with several acquisitions.

While the combination of the beverages and food labels operations with the food packaging business made sense at the time of the planned IPO to present an attractively-sized company to investors, synergies are limited between the two parts, which were internally separated last year.

Constantia Labels posted a 2016 EBITDA of 100.8 million last year on sales of 605 million euros. According to its business plan, EBITDA could grow to 167 million by 2021.

(Additional reporting by Alexander Hübner; Editing by Maria Sheahan and David Evans)

By Arno Schuetze

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Financials ( CAD)
Sales 2017 4 748 M
EBIT 2017 698 M
Net income 2017 426 M
Debt 2017 1 753 M
Yield 2017 0,77%
P/E ratio 2017 24,26
P/E ratio 2018 20,11
EV / Sales 2017 2,61x
EV / Sales 2018 2,36x
Capitalization 10 616 M
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 69,8  CAD
Spread / Average Target 16%
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Geoffrey T. Martin President, Chief Executive Officer & Director
Donald G. Lang Executive Chairman
Sean P. Washchuk Chief Financial Officer & Senior Vice President
Lalitha Vaidyanathan Senior VP-Information Technology & Human Resources
Stuart W. Lang Director
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