FRANKFURT, April 13 Private-equity held Italian
packaging firm Guala Closures is preparing a stock market
listing or sale that may value the company at more than 1
billion euros ($1.06 billion) including debt, sources close to
the matter said.
Guala's main shareholder, Apriori Capital Partners, will at
the end of this month interview investment banks vying for a
role in the potential initial public offering or outright sale,
the sources added.
The company specialises in closures, such as bottle tops,
for sealing spirits and counts makers such as Diageo,
Pernod Ricard, Remy Cointreau, Fortune
Brands, Brown-Forman and UB Group as its
It is expected to post earnings before interest, tax,
depreciation and amortization of up to 110 million euros this
year and its owners, which also include the company's management
and fund Nb Reinassance, are hoping to reap a valuation of up to
11-12 times that, the sources said.
That would represent a premium to peers such as Polyone
, Sealed Air, Berry, Bemis and
Other packaging groups such as Germany's Kloeckner
Pentaplast are looking to the United States as a listing
location as most of its peers are listed there.
Guala, which sells more than 14 billion closures each year,
will also be marketed to potential trade or private equity
buyers, though it has rebuffed offers from groups such as
private equity firm KKR on price in the past, the
Guala Closures is directly owned by GLC Holdings whose main
investor is Apriori Capital.
Credit Suisse, which led Guala's 510 million euro bond sale
in November, is expected to take a leading role in the potential
IPO or sale, which could take place after the summer, the
Guala, which has 4000 employees, was delisted from the stock
exchange in 2008. In the first nine months of 2016, it posted an
EBITDA of 74.5 million euros on revenues of 369 million euros.
Full year figures are due April 27.
Apriori Capital, KKR and Credit Suisse declined to comment
or were not immediately available for comment.
($1 = 0.9407 euros)
(Reporting by Arno Schuetze, additional reporting by Stephen
Jewkes in Milan; Editing by Toby Davis)