CONSTANTIA FLEXIBLES - LABELS DIVISION acquired by MULTI-COLOR CORPORATION (MCC)
Context
Multi-Color Corporation has successfully completed the acquisition of the Labels Division of Constantia Flexibles in a cash-and-stock transaction. This transformative deal combines two of the world's largest label manufacturers to create a global industry leader with a balanced and diversified portfolio. Under the agreement, Constantia Flexibles divests its labels business to focus exclusively on flexible packaging, using the cash proceeds to deleverage its balance sheet. In return, Constantia becomes the largest single shareholder of Multi-Color Corporation, retaining a 16.6% equity stake in the combined entity. The merger integrates Constantia's strong footprint in the food and beverage sectors with MCC's dominance in the wine, spirits, and home & personal care markets, significantly expanding the group's global reach and technological capabilities.
CONSTANTIA FLEXIBLES - LABELS DIVISION, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.6x).
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Target
The Labels Division of Constantia Flexibles was a leading global manufacturer of label solutions, serving the food, beverage, and home & personal care industries. Headquartered in Austria, the division operated a network of 23 production facilities across 14 countries in Europe, Asia, and North America, employing approximately 2,800 people. It was particularly renowned for its leadership in the beer and beverage market, specializing in "wet glue" labels, while also holding a strong position in pressure-sensitive and film-based labels for major international consumer brands.
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2018 | ALLIANCE ETIQUETTES | GROUPE ETIENNE | FRANCE | Labels & Adhesives |
| 12/2017 | BAIN CAPITAL | FEDRIGONI GROUP | ITALY | Labels & Adhesives |
| 10/2017 | PPG | THE CROWN GROUP | UNITED STATES | Paints & Coatings |
| 10/2017 | BC PARTNERS | CERAMTEC | GERMANY | Glass & Ceramics |
| 07/2017 | LONE STAR FUNDS | ESMALGLASS | SPAIN | Specialty Chemicals |
| 02/2017 | WISE EQUITY | TAPÌ | ITALY | Packaging & Containers |
| 12/2016 | CHEQUERS | ALKERN | FRANCE | Construction Materials |
| 12/2016 | IMERYS | KERNEOS | FRANCE | Construction Materials |
| 11/2016 | ARDIAN | HYPRED | FRANCE | Specialty Chemicals |
| 10/2016 | MANALI PETROCHEMICALS | NOTEDOME | UNITED KINGDOM | Plastics |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 450M - 900M EUR
EBITDA range: 100M - 200M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: multi-color corporation (mcc)