Global consumer packaging manufacturer Crown Holdings has signed an agreement to acquire Spanish food can manufacturer Mivisa Envases for approximately €1.2bn.
Crown will acquire the two and three-piece food cans and ends specialist from investment funds managed by associates of The Blackstone Group and Mercapital.
Mivisa, situated in Murcia, Spain, is one of the largest food can producer in the Iberian Peninsula and Morocco. It operates ten manufacturing facilities, including six in Spain and one in Morocco. The company has reported sales of €555m and an EBITDA of €133m for the audited fiscal year ending 30 June.
Crown Holdings chairman and CEO John Conway said that Mivisa has presented impressive sales and growth in recent years through prudent investment, highly efficient manufacturing practices, focused innovation and excellent customer relationships.
"We are excited about the acquisition of Mivisa, as it will significantly build upon Crown's existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe's leading agricultural economies," Conway added.
Crown provides metal packaging for food, beverage, household and personal care and industrial products and metal vacuum seals and caps.
The transaction, which is expected to be completed in 2014, is subject to review by the European Commission.
Image: Crown to acquire two and three-piece food can manufacturer Mivisa Envases. Photo: courtesy of Vichaya Kiatying-Angsulee/ FreeDigitalPhotos.net.