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04/2025Majority

Bwgi (BW Gestão de Investimentos) takes majority stake in Verallia

FRANCE Chemicals & Materials / Packaging & Containers / Glass Packaging EV €1–10bn

Context

BWGI, which currently holds 28.8% of Verallia's capital, has filed a voluntary tender offer to acquire control of the company. The offer proposes a price of 30 euros per share (with the 2024 dividend attached). Unlike typical private equity buyouts, BWGI has explicitly stated its intention to maintain Verallia's listing on Euronext Paris, seeking only to cross the regulatory threshold of 50% capital or voting rights. A critical component of this transaction is the management of Verallia's existing debt structure. Due to "Change of Control" clauses in current financing agreements, Verallia has initiated a massive consultation process with its lenders and bondholders to obtain waivers or amendments. To ensure financial stability, the company has secured a comprehensive "backstop" and "bridge" financing package of up to €1.6 billion from a banking syndicate to refinance existing credits or reimburse bondholders who might exercise their "Put Option." The offer is subject to the reasoned opinion of Verallia’s Board of Directors and the approval of the AMF.

In the past, Verallia was acquired by Apollo Global Management / Bpifrance in 2015 as part of its expansion strategy.

Verallia, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Founded as the packaging division of the Saint-Gobain Group, Verallia is one of the world’s leading manufacturers of glass containers for food and beverages. The company specializes in the production of glass bottles and jars, serving major global brands in the wine, spirits, and food industries. Its business model is based on high-volume industrial production with a strong emphasis on sustainability and glass recycling. Strategically, Verallia operates an extensive network of glass plants globally, maintaining a leadership position through technical innovation in glass coloring and lightweighting. The company’s value proposition centers on providing premium, infinitely recyclable packaging solutions that preserve the quality and taste of consumer products.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

10x–18x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€1–10bn
€450–900M
€250–500M
2023
€1–10bn
€450–900M
€250–500M

Other operations with Verallia

Other operations with Verallia
DateAcquirerTargetCountrySector
10/2015APOLLO GLOBAL MANAGEMENT / BPIFRANCEVERALLIAFRANCEGlass Packaging

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €450–900M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Verallia by Bwgi (BW Gestão de Investimentos) are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: verallia

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Verallia, a French company specialised in Packaging & Containers, by Bwgi in 2025. This followed an earlier holding cycle initiated in October 2015, when the company was acquired by Apollo Global Management / Bpifrance.

How was the acquisition of Verallia by Bwgi valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Verallia’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Verallia generated annual revenue estimated in the €1–10bn range and EBITDA in the €450–900M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

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