Spirits and aluminium closures company Guala Closures is set to acquire German aluminium closures manufacturer Closurelogic.
The acquisition will include the tangible and intangible assets, the inventory and real estate property of Closurelogic.
The deal involves a cash payment of approximately €8.2m for the assets and €4m for inventory. The cash-out will be financed via available funds and the group’s RFC facility.
Guala Closures Group chairman and CEO Marco Giovannini said: “This transaction is in line with the Group’s strategy to selectively consolidate the market and, in particular, the glass bottle mineral water one, a strongly growing market, thanks to increasing focus on sustainability and premiumisation.
“The deal structure guarantees Guala Closures the possibility of acquiring only the assets of Closurelogic, without taking on board the liabilities generated by the previous management.”
The acquisition is expected to strengthen the Group’s operation in the German market and also enhance the production capacity to serve new clients.
Additional information related to the transaction is expected to be released once the deal is finalised. It is expected to happen at the beginning of February.
Owned by GCL International Sàrl, the new company Guala Closures Germany will execute the deal.
The company reported €52.5m in sales and an adjusted EBITDA of approximately €1.6m. Earlier last month, Guala Closures’ Luxemburg company GCL International Sàrl made an offer to buy Closurelogic’s assets.
Founded in 1959, Closurelogic specialises in making aluminium and composite closures for beverage and water glass bottles.