Binder Groesswang, working in co-operation with Willkie Farr & Gallagher, has advised the Constantia Flexibles Group on the carve-out and EUR 1.15 billion sale of its labels division to the US strategist and global player Multi-Color Corporation. Freshfields Bruckhaus Deringer advised Multi-Color on the deal. The signing took place on July 16, 2017 in Frankfurt and remains subject to regulatory approvals. Closing is expected in the fourth quarter of 2017.
Once complete, Constantia Flexibles — a global supplier of labels for the beverage and food industry as well as household and personal care products that reported sales of EUR 605 million in 2016 — will acquire 16.6% of the outstanding shares of Multi-Color and become the largest multi-color shareholder.
According to Binder Groesswang, "the Constantia Flexibles Group, headquartered in Vienna, was founded by Herbert Turnauer in the 1960s and produces flexible packaging and labels, primarily for the food, pet food, pharmaceutical and beverage industries. The company also expanded outside Europe and has become one of the world's leading packaging companies in the last five years. The Constantia Flexibles Group has more than 3,000 customers worldwide and has more than 8,000 employees at 43 industrial locations in 18 countries and sells its products to more than 115 countries."
The Binder Groesswang team was led by Partner Thomas Schirmer and consisted of Partners Christian Wimpissinger, Ivo Rungg, and Johannes Barbist, Counsel Hellmut Buchroithner, and lawyers Claudia Fochtmann, Clemens Willvonseder, and Cordelia Klauhs.
The multi-jurisdictional Willkie Farr & Gallagher transaction team was led by Partner Mario Schmidt.
The Freshfields team advising Multi-Color Corporation was co-led by Vienna-based Partner Willibald Plesser and Frankfurt-based Partner Arend von Riegen.
