Wendel has agreed to acquire a majority stake in Austrian flexible packaging specialist Constantia Flexibles from One Equity Partners for €2.3bn.
The acquisition forms a part of Wendel's 2013-17 strategy, which consists of investing €2bn in the top-tier unlisted companies in Africa, North America and Europe.
Constantia Flexibles produces flexible packaging and labelling solutions, principally for the food, pet food, pharmaceuticals and beverage industries.
Headquartered in Vienna, Constantia employs over 8,000 people at 43 industrial sites spread across 18 countries. It sells its products in over 115 countries.
Wendel Executive Board chairman Frédéric Lemoine said: "In acquiring Constantia Flexibles, Wendel is carrying out a major transaction that is right in line with the strategy announced. Constantia Flexibles is a very strong industrial company and one of the world's leaders in packaging solutions.
"The segment in which the company specialises, flexible packaging, is being buoyed by underlying, worldwide market trends, and in the future, Constantia Flexibles will be able to grow both by organic means and by acquisition, as the market is still very fragmented.
"Moreover, the company has been developed by a very entrepreneurial Austrian family, and Wendel would be pleased to enter into a cooperation agreement with the Herbert-Turnauer Foundation, which plays an active role as a minority shareholder in Constantia Flexibles.
Constantia Flexibles generated €1.63bn in sales and €233m in earnings during the year 2013.
Since 2010, Constantia Flexibles had acquired companies with aggregate sales of €503m.
Image: Constantia Flexibles produces flexible packaging and labelling solutions, principally for the food, pet food, pharmaceuticals and beverage industries. Photo: courtesy of Mister GC / FreeDigitalPhotos.net.