1. European Plastic Packaging
M&A update
Spring 2012
Europe dominates European plastic packaging on the
global M&A activity
road to consolidation
The plastic packaging
industry in Europe is valued
at €38 billion annually,
accounts for a quarter of
global supply and generated
nearly half of all M&A
transactions in the sector.
This report highlights both “Plastic packaging is becoming
the opportunities and a global affair, innovation is
challenges for European ongoing as companies strive to
companies in the sector. satisfy demanding customers
and end users. These factors
are driving consolidation”
The key observations from Jean-Pierre Brice, Partner
Highly fragmented our research:
industry creating
Over the past three years almost half to grow initial ‘platform’ investments
consolidation of all global M&A deals in the plastic through bolt-on acquisitions, taking
opportunities packaging sector took place in Europe, advantage of operational synergies.
attracting both trade acquirers and
financial investors. Cross-border deals accounted for 40%
of all transactions in 2011. Much of this
Whilst some segments of the industry, is attributable to the global sourcing
Cross-border deals such as flexible food packaging, are requirements of major customers.
dominated by a few large players the
are a major feature Typical acquisition multiples have
European industry as a whole remains
of M&A highly fragmented. We expect remained at between 5x and 7x EBITDA
consolidation trends to continue. over the past three years. However
higher acquisition multiples have been
Private equity firms have been paid for some companies, particularly
significant investors. The common those offering niche products.
theme has been for private equity firms

2. European Plastic Packaging M&A update
Figure 1: Plastic packaging market structure
Production Conversion Consumer Demand Recovery
UK Electrical & Electronic
3.76m t (6.6%) (6.0%)
Italy Automotive
Plastic Types 4.90m t (8.7%) (8.0%)
Recycling and Energy
PS 4.7% Other European recovery 66%
Other 20.7% PUR 6.7% 6.44m t (11.3%) Construction
(21.0%) End Market
PET 8.6%
Other
France 20%
7.53m t (13.3%) Food
PVC 11.3%
51%
Healthcare
PP 18.6%
Packaging 6%
LDPE 11.5% Benelux (39.0%)
Cosmetics
11.30m t (20%)
HDPE 17.9% 5%
PS (Polystyrene) e.g. DVD cases Beverage
PUR (Polyurethane) e.g. Phone cases 18%
PET (Polyethylene terephthalate) e.g. Plastic bottles Germany
PVC (Polyvinyl chloride) e.g. Blister packs 22.67m t (40.1%) Other
PP (Polypropylene) e.g. Stationery (26.0%) Disposed to Landfill 34%
PE (Polyethylene) e.g. Plastic film
57 million tonnes 46 million tonnes
Produced Converted
Source: Mergers Alliance, Plastics Europe MRG, Rexam
Raw material costs Industry trends Flexible packaging is being boosted from
sectors like perishable and convenience
foods, healthcare, and industrials.
likely to rise in 2012 Packaging is the largest user of
plastics in Europe, representing 39% Whilst the development in end user markets
of the overall 46 million tonnes used is crucial to the industry’s performance
in plastic conversion (see Figure 1). there are a number of other important
considerations:
Although there are some downsides to
plastic packaging (e.g. raw material The softening in recycled plastic prices
fluctuations) it also holds many inherent evidenced in H2 2011, partly as a result
advantages over other packaging materials of weakening export markets, is likely to
including flexibility, cost and its ability to reverse this year as exports start to
adjust to new innovations and technologies. recover (see Figure 2). A similar trend
Plastic now accounts for the largest share in virgin prices is also likely.
of the packaging market followed by paper.
EU legislation is significantly impacting
Rigid packaging accounts for around 60% on recycling volumes. The updated
of total production volume. The current directive on Packaging and Packaging
growth in demand for rigid packaging is Waste coupled with the rising raw
largely being driven by the beverage and material prices are increasing
personal care markets. investment in closed loop processes.
2

3. European Plastic Packaging M&A update
Whilst around half of all consumer The emerging markets of Eastern
goods are packaged in plastic, this Europe, Asia and South America have Emerging markets are
amounts to just 17% of all packaging all benefited from significant investment
weight, a reduction of 28% in the last from larger international suppliers as
target regions for
10 years. The significant investment opportunities for growth are sought. multinationals
required to achieve these returns is a Evidence of this is seen in AMCOR’s
further contributor to the consolidation growth in these regions of 18% p.a.
in the sector. between 2000 and 2011. RPC Group
and Constantia Flexibles are actively
The rigid food and beverage packaging seeking mid-market opportunities in
market is forecast to increase in these emerging markets. To remain
importance, with growth rates forecast competitive European manufacturers
at 3.7% over the next three years, need to ensure they are present in
twice the industry average. these regions.
PET is experiencing significant growth
in volume in the consumer markets.
PET’s functional and light weight
Environmental factors
characteristics should ensure steady influencing packaging
growth (see Figure 3). It is also
increasingly replacing segments
materials
that have traditionally been dominated
by other materials for example glass
beer bottles.
Certain European consumer companies
are moving towards sustainable
packaging, with the bioplastics segment
in particular experiencing increased
demand. Cleaning products brand
Ecover recently announced that all of
its packaging will be made from plant
based plastic made from sugarcane.
Figure 2: Polymer price € per Figure 3: Share of total beverage
tonne packing (%)
40
2000
1800 35
1600
1400 30
1200 25
1000
800 20
600
15
400
200 10
0
5
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
PET Glass Metal Others
PET
HPDE Blow moulding standard
2004 2009 2014
HPDE Injection moulding grade
Source: Mergers Alliance Source: Euro monitor, BPI
3

4. European Plastic Packaging M&A update
Valuations reflect Current valuations companies in our index, which have
robust earnings and dividend policies.
consistent earnings The past decade has seen plastic The global recession put downward
performance packaging valuations slightly exceed or pressure on valuations, however our
track wider industrial market indices, a research has shown a marginal recovery
reflection of the defensive nature of the over the last 12 months.
Figure 4: Plastic packaging composite valuation index
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
-80.00%
-100.00%
2
02
03
3
3
05
05
5
6
06
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7
8
08
09
09
9
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10
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ov
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Mergers Alliance Index MSCI World Industrial Index
Mergers Alliance Index: Amcor, Rexam, DS Smith, Huhtamaki Oyj, MacFarlane Group, British Polythene Industries, Resilux NV, RPC Group, La Seda de Barcelona
Source: Capital IQ
Europe alert to
international PET recovers These quasi protectionist measures
were effective in bringing down PET
competition PET imports into Europe from Asia
imports to around 0.5 million tonnes
in 2011 with prices regaining much
increased dramatically in 2009 to of the lost ground.
reach 0.9 million tonnes, a historical
high. Asian companies were able to
escalate their exports at highly European PET imports (k tonnes)
competitive prices due to their higher
production efficiency and the lower 1000
costs of local raw materials. 800
Imports
600
This, along with slowing demand 400
in Europe, meant that PET prices 200
plunged – 33% below the current 0
price level. The EU initiated anti- 2008 2009 2010 2011
dumping laws to counteract the low Imports
import prices and protect European
companies. Source: PCI, BPI and Bloomberg.
4

5. European Plastic Packaging M&A update
Figure 5: Top 15 global plastic packaging companies
EBITDA EBITDA,
Countries of 3 Yr Margin 3 Yr CAGR
Operation Market Cap Revenue LTM EBITDA Revenue % % [LTM]
Name HQ Country (Primary) (€) Million (€) Million (€) Million CAGR EV/EBITDA [LTM] (%) Rigid Flexible Comments
Amcor Ltd. Australia Global (Australia, 6,916 9,932 990 6.1% 7.2x 10.0% 2.4% Dominate European flexible market.
(ASX:AMC) the United States,
and Singapore)
Rexam plc United Global (US, 4,050 5,567 838 3.4% 7.2x 15.1% 4.2% Recently announced the sale of its
(LSE:REX) Kingdom Brazil, Europe) plastic lid-making division to Berry Plastics
for €267m.
Bemis Company, Inc. United Global 2,530 4,096 494 5.5% 7.4x 12.1% 2.5% Acquired Finnish based Huhtamaki Oyj's
(NYSE:BMS) States (sub-companies South American operations in 2009.
in 13 countries)
Berry Plastics United Global (US, Private 3,494 493 5.6% na 14.1% 12.4% Recently acquired Linpac Packaging
Corporation States Brazil, Germany) Filmco from Linpac for €15m.
Sonoco Products Co. United Global 2,409 3,444 423 6.8% 8.1x 12.3% 4.8% Has been acquiring across the supply
(NYSE:SON) States (US, UK, China) chain in North America with deal value
totalling €508m.
DS Smith plc United Europe (UK, 1,255 3,218 270 7.4% 4.9x 8.4% 9.6% Planning integration of SCA. May divest
(LSE:SMDS) Kingdom France, Belgium) plastic operations.
Alpla-Werke Alwin Austria Global Private 2,900 na 16.1% na na na Has not engaged in M&A of late, has
Lehner GmbH est focused instead on greenfield
& Co. KG investments.
Silgan Holdings Inc. United Americas, 2,173 2,593 353 8.9% 8.1x 13.6% 6.0% European acquisitions have been
(NasdaqGS:SLGN) States Europe, Asia confined to metal packaging companies
of late.
Graham Packaging United US, Europe, Private 2,127 394 8.3% na 18.5% 5.6% In 2010 it acquired China Roots Packaging,
Holdings Company States China its first manufacturing facility in China.
Huhtamaki Oyj Finland Global (Europe, 973 2,064 203 2.5% 6.7x 9.9% -1.0% Sold its European rigid plastic consumer
(HLSE:HUH1V) US, Australasia) goods operations to Sun Capital for €52m.
Constantia Austria Global (Europe, 1,838 1,838 297 3.9% na 16.1% 4.3% Recently acquired Asas in Turkey and
Packaging AG US, China) Alcan's food packaging operations in
Spain.
AptarGroup, Inc. United US, France 2,642 1,780 322 8.6% 8.5x 18.1% 6.0% Acquired India based plastic packaging
(NYSE:ATR) States company T.K.H. Plastics for €14m.
FP Corp. Japan Global 880 1,285 194 6.8% 6.3x 15.1% 6.3% Has been active in acquiring packaging
(OSE:7947) companies in Japan and China.
Linpac Group United Global Private 1,231 108 -0.4% na 8.7% 5.2% Has been divesting its non-core operations
Limited Kingdom to both trade and financial buyers of late.
RPC Group plc United Europe 1200 1,105 122 9.4% 8.3x 11.1% 23.6% After its acquisition of Superfos Industries
(LSE:RPC) Kingdom it is known to be seeking further
acquisitions in Europe.
Companies with disclosed revenue only
Source: Mergers Alliance, Capital IQ
5

6. European Plastic Packaging M&A update
AMCOR dominates Trade buyer activity years they have made three
acquisitions: Superfos Industries;
DM Plast; and MOB SAS.
flexible markets Over 100 transactions were completed
in the past 18 months. Deal volume for The acquisition of Denmark based
2011 equalled the deal volume for 2010 Superfos for €240m gives RPC access
and surpassed the lows of the to a variety of markets including Eastern
recession. Europe and Scandinavia. RPC is known
to be seeking further acquisitions to
The common theme over the past two expand its pan-European operations.
years has been for the medium to large
sized companies to buy up smaller players The most high profile distressed sales
to achieve their growth initiatives. occurred in 2009, including Canal
Corporation (formerly Chesapeake
The ‘serial acquirers’ in Europe have often Corp) and Budelpack, and failure still
been the bigger companies, such as RPC occasionally occurs in the small to mid
and Constantia Packaging (PE owned), sized market. LIR Packaging, which
seeking to strengthen their position in the produces cosmetic product packaging
production and technology chain, grow and Sedis, the French confectionery
market share, ‘follow’ their clients and pastry packager have both recently
geographically and react to the ‘bulking’ announced insolvency proceedings.
trends of the larger global players (see This creates opportunities for ‘value’
Figure 6). and turnaround acquirers.
M&A activity demonstrates two key themes; Analysis of plastic packaging industry
the consolidation taking place within deals over the last decade shows that
Europe; and the opportunities arising from the majority (58%) of acquisitions are
distressed situations as a result of the made of direct competitors. Of the other
pressures of operating in these markets. targets: 13% are distributors; 13%
printing companies; 8% competitors in
The largest deal of the past four years
Majority of different sectors (majority being paper
involving a European target was
packaging); and 8% are of other
completed by an Australian buyer.
acquisitions are of companies (e.g. recycling plants). This
Amcor, the world's largest manufacturer
shows clear consolidation strategies
direct competitors of plastic bottles, purchased Alcan’s
and that moves into more peripheral
flexible packaging business in 2010 for
sectors are less common.
€1.5bn giving Amcor c. 25% market
share and further consolidating flexible
packaging in Europe.
Highly acquisitive, Amcor has also
bought smaller mid-market companies
such as Italian based B-Pack Due
(€45m).
European flexible companies have
reacted to Amcor’s increasing
dominance by making acquisitions
of their own, with Constantia being one “Superfos was a significant
of the more prominent buyers. They
acquisition for RPC and was
acquired Asas in Turkey (sales of €63m)
and Alcan’s food packaging operations consistent with our current
in Logrono and Burgos, Spain. strategy of growing the business
In rigid plastic packaging RPC Group
organically and through acquisition”
has also employed M&A to meet their Jamie Pike, Chairman at RPC
growth ambitions. During the past four
6

7. European Plastic Packaging M&A update
Figure 6: Selected European plastic packaging deals
Deal Value
Date Target Description Plastic Type (Target) Buyer (€’m)
Jan-12 Geka (Ger) Cosmetics packaging Rigid 3i (UK) ND
Plastics and paper
Jan-12 SCA Packaging (BE) Flexible and Rigid DS Smith (UK) 1,650
consumer goods packaging
Plastic returnable One Equity Partners
Jan-12 Linpac Allibert (UK) Rigid ND
transit packaging LLC (USA)
Johnsen & Jorgensen Plastic and glass Pont Packaging
Oct-11 Flexible and Rigid ND
Group (UK) packaging (NL)
Industrial packaging
Aug-11 Pack2Pack (BE) Rigid Greif Inc (USA) ND
manufacturer
Plastic packaging Coral Products
Aug-11 Interpack (UK) Rigid 5
distributor plc (UK)
Plastic products Constantia packaging
Aug-11 ASAS (Tur) Flexible ND
manufacture AG (Aut)
Pharmaceutical primary Phillips Plastics
Jul-11 Medisize Corporation (Fin) Flexible and Rigid 100
packaging Corporation (USA)
Rexam Plc, Beverage
Beverage plastic Berry Plastics
Jul-11 and Speciality Closures Rigid 251
packaging Corporation (USA)
Business (UK)
Life sciences plastic Thermo Fisher
May-11 Sterilin (UK) Flexible and Rigid ND
packaging Scientific, Inc (USA)
Pannunion Packaging Production of plastic Sun Capital
May-11 Rigid 36
Ltd (Hun) packaging materials Partners (USA)
Flexible plastic packaging
Apr-11 Atlantis-Pak Co Ltd (Rus) Flexible Agrokom Group (Rus) 73
for meat products
Britton Group Flexible packaging group, Sun European
Apr-11 Flexible 101
(UK) plastic and other materials Partners, LLP (UK)
Dec-10 CFS B.V. (NL) Packaging equipment Flexible and Rigid GEA Group AG (Ger) 435
Superfos Industries Injection moulded rigid
Dec-10 Rigid RPC Group plc (UK) 240
(Den) packaging
Nampak Cartons (now HDPE packaging for food Platinum Equity
Dec-10 Rigid 77
Contego Packaging) (UK) and drink (USA)
Bilcare Research
Aug-10 Pharmaceutical packaging Flexible and Rigid Bilcare GmbH (Ger) 100
(Ger)
Cosmetics and personal Sun European
Jul-10 Albéa (Fra) Flexible and Rigid 110
care packaging company Partners, LLP (UK)
Packaging and
Jan-10 CV Flexible Packaging (Ger) Flexible packaging Flexible ND
Technology Ltd (UK)
Silver Fleet
Jan-10 Kalle (Ger) Plastic sausage casings Flexible 213
Capital (UK)
Next Wave Ventures
Nov-09 Petainer (Swe) Eco PET packaging Rigid 18
WHEB VENTURE (UK)
Constantia Packaging Packaging holding One Equity Partners
Oct-09 Flexible 1,104
AG (Aut) company LLC (USA)
Majority of Alcan Plastic, aluminium
Aug-09 Flexible and Rigid Amcor Ltd (Aus) 1,497
Packaging Businesses (Sui) and packaging
Source: Capital IQ, Corpfin
7

8. European Plastic Packaging M&A update
RRP a key target for
multinationals ‘Retail Ready Packaging’
Retail Ready Packaging (RRP) or
shelf-ready packaging is designed to RRP penetration by country
be easily placed on the shelf without
the need for unpacking or repacking
and is typically made up of rigid
plastic, fibreboard or corrugated
board.
RRP is recognised as delivering
higher efficiency in the supply chain
and this segment is expected to grow
significantly across continental Europe
with a tonnage CAGR of 6%.
While the UK and German markets
already have high penetration rates, Red: High penetration of RRP
most of continental Europe is still a Green: Medium penetration of RRP
relatively immature market and is Blue: Developing RRP
where most of the growth will
take place. Source: igd.com
Plastic packaging a Private equity There are two models in evidence
in the mid-market:
target sector for some investment PE employ buy and build strategies
private equity houses Since 2009 a fifth of all European
(building up established companies
through smaller bolt-on’s) to create
plastic packaging deals have had value for their ‘mature’ companies.
private equity participation. A large
proportion of higher value deals have Sun Capital for example has assembled
been completed by financial investors. a large portfolio of European plastic
packaging businesses having made
Global private equity investment in seven mid-market acquisitions in
Private equity firms Europe has been broad and has had an Europe since 2007. Their portfolio now
impact in consolidating both the rigid
have backed buy & and flexible market. The most active
includes Kobusch-Sengewald GmbH,
Unterland, Britton Flexibles, Betts
build strategies firms include One Equity Partners, AB Global, Albéa and Acorn SAS.
Traction, Sun Capital and Platinum
Equity. Deal values have ranged from By combining existing affiliated portfolio
€10m to over €1bn. companies Sun Capital has created a
pan-European flexible packaging
Although their focus has been primarily specialist, Britton Group, and a pan-
on consumer goods (FMCG) there has European rigid packaging specialist,
been rising involvement in industrial and PACCOR. Annual turnover of the
commercial end markets. combined businesses will be
approximately €680m.
8

9. European Plastic Packaging M&A update
PE firms are also focusing on niche Financial buyers have also been keenly
plastic packaging companies. focused on the plastic packaging Private equity
machinery segment with a notable
Good examples of this included the interest in the Italian market. Activity
targeting machinery
Next Wave Ventures and WHEB included PE house IGI SGR acquiring segment
Ventures acquisition of Swedish eco Italian based plastic film machinery
friendly PET specialists Petainer for specialists Gruppo Fabbri for €40m in
€18m and Silver Fleet Capital’s 2011. Meanwhile the Chinese-European
acquisition of Germany based Kalle, PE fund Mandarin Capital Partners
an innovator and producer of flexible acquired a minority stake in one of the
plastic sausage casings (€213m). The leading global manufacturers of
growth strategy for both these private machines for plastic packaging,
equity funds is to invest in companies Industria Macchine Automatiche,
that offer innovative and value adding for €30m.
solutions.
Prospects for M&A As well as the traditional markets we
expect a new wave of acquisitions Adaptability driving
and the industry in Eastern Europe where flexible
packaging is experiencing an
growth in plastic
The whole plastics packaging industry
average 6.2% sales growth. packaging
is closely linked to economic growth The increasing demand for recycled
and consumer confidence. and biodegradable products as well
a focus on the afterlife of a package
As much of Europe is still being affected by
should also encourage vertical
sovereign debt issues it is inevitable that the
integration by firms looking to
industry’s growth prospects in the near term
expand their product portfolio.
will be affected. Nevertheless, the fact that
the sector exhibits a low level of demand
volatility should ensure steady growth in
the medium term.
Looking ahead, the high growth in
demand for both rigid and flexible
plastic packaging – as FMCG
companies look for the more versatile
options to glass and metal – will
encourage acquisitions as businesses
seek to meet customer’s demands.
In the flexible market, Amcor/Alcan’s
industry dominance will continue to
drive consolidation as companies “Plastic packaging in Europe
acquire to compete.
is still a fragmented market.
We are constantly evaluating
opportunities in new markets
and new product lines”
Michael H. Kalb, Senior Managing Director,
Sun European Partners
9

10. European Plastic Packaging M&A update
The ten largest transactions comprised Almost half of all transactions were
c.73% of the total value over the past cross-border in 2011. The steady rise in
four years. If you exclude these larger cross-border activity since 2009 is likely
deals, average deal size has been to continue as companies look to build
below the €50m marker indicating that scale, lower transport costs, increase
the mid-market has experienced the market share and expand their
most activity. Due to the still fragmented geographical footprint.
nature of the market we expect this
Specifically, we expect European
trend to continue.
players to buy other European
We expect that some of the larger deals companies as they seek to consolidate
in the future will be in the form of the big the market and cover any ‘blind spots’
diversified players divesting either part while US players will look to take
or all of their plastic packaging advantage of the challenging macro
operations. This is likely to include conditions in Europe, surveying
Rexam’s personal care plastic companies with high potential.
packaging business and DS Smith’s
entire plastic division.
Contacts
Specialist advice on call…
For information on sector trends, valuations and corporate finance advice in plastic packaging
Leonardo Antunes Bart Jonkman
Managing Director, Brazil Managing Partner, Netherlands
Telephone: +5521 3873 8000 Telephone: +31 73 623 8774
Email: lantunes@brocap.com Email: bart.jonkman@bluemind.nl
Jean-Pierre Brice Piotr Olejniczak
Partner, France Director, Poland
Telephone: +33 148 246 300 Telephone: +48 22 236 9200
Email: jp.brice@capital-partner.com Email: piotr.olejniczak@ipopema.pl
Markus Kluge David Wolfe
Director, Germany Senior Partner, Russia
Telephone: +49 69 97 4030 78 Telephone: +7 495 937 5855
Email: m.kluge@chrcf.com Email: david.wolfe@northstar-cf.ru
Ankur Gupta Igor Gorostiaga
Manager, India Partner, Spain
Telephone: +91 11 4617 0860 Telephone: +34 944 352 311
Email: ankur@singhi.com Email: igorostiaga@Norgestion.com
Piero Manaresi Richard Sanders
Partner, Italy Partner, United Kingdom
Telephone: +39 051 59 47 309 Telephone: +44 121 654 5000
Email: piero.manaresi@ethicacf.com Email: richardsanders@catalystcf.co.uk
Owen Hultman Doug Usifer
Executive Vice President, Japan Managing Director, USA
Telephone: +81 3 6895 5521 Telephone: +1 (802) 658 7733
Email: owen.hultman@ibs-sec.com Email: dusifer@headwatersmb.com
10

11. European Plastic Packaging M&A update
Country focus M&A
Benelux: Spain:
European cross-border transactions have been Despite a highly fragmented market in Spain, M&A
commonplace of late, and includes notable transatlantic activity has been moderate and outbound deals few
interest in the Benelux region. US-Benelux deals included and far between. Distressed macro-conditions and
Greif, Inc acquiring industrial packaging specialists credit restrictions have contributed to this. There are
Ligtermoet and Alpha Plastics acquiring PET specialists however opportunities to consolidate the market for
SmartPET. those with strong balance sheets.
France: INBOUND INBOUND
INBOUND INBOUND
M&A activity has evolved around companies looking to
INBOUND INBOUND 56% 60%
INBOUND
INBOUND INBOUND
63%
INBOUND
56% INBOUND
INBOUND INBOUND
INBOUND 56%
77% 64%
60% INBOUND
INBOUND
75%
INBOUND
INBO
60% 64% 63% M&A M&A 77% 64% 63% 75
M&A M&A
77%
increase their product offering or increase their market 75% Activity Activity M&A
M&A M&A
M&A
M&A M&A
Activity M&A M&A Activity
Activity Activity Activity
M&A M&A M&A M&
Activity M&A M&A Activity Activity
Activity Activity
share. Regardless of their intentions, companies have
Activity Activity Activity
44%
Activity 40% 23% 36%
Activity
37%
Acti
44% 40%
OUTBOUND
44% 40% 25%
been reluctant to overpay for fixed assets. 23%
OUTBOUND
OUTBOUND
36% 37% 25%
OUTBOUND
OUTBOUND
OUTBOUND OUTBOUND
OUTBOUND 23%
OUTBOUND
OUTBOUND
36%
OUTBOUND
OUTBOUND
37%
OUTBOUND
25
OUTBOUND OUTBOUND OUTBOUND OUTBOUND OUTBO
INBOUND INBOUND
INBOUND INBOUND
56% 60% INBOUND
63%
INBOUND
Germany/Austria/Switzerland: 77% 64% 75%
M&A M&A
Activity M&A M&A M&A M&A
Activity
Private equity investment has been broad over the past INBOUND
Activity Activity Activity Activity
56% 44%
INBOUND
40% INBOUND
36% INBOUND
37%
INBOUND
18 months. Deals include cosmetics packaging firm 60% OUTBOUND INBOUND
23% 63%
64%
OUTBOUND 25%
M&A M&A
77% 75%
OUTBOUND OUTBOUND OUTBOUND OUTBOUND
Geka acquired by 3i and Bayern LB’s PE division’s Activity Activity M&A M&A
Activity
M&A
Activity
M&A
Activity Activity
acquisition of a majority stake in Rebhan for an 44%
OUTBOUND 40%
OUTBOUND 23% 36% 37% 25%
OUTBOUND OUTBOUND OUTBOUND OUTBOUND
undisclosed amount.
INBOUND INBOUND
INBOUND INBOUND
Italy: INBOUND INBOUND
56% 60% INBOUND
INBOUND
63%
INBOUND
56% 60% INBOUND
INBOUND
77% 64%
INBOUND
75%
M&A
77% 64%
M&A 63% 75%
In one of the more notable trade deals of 2011 high density Activity
M&A M&A Activity Activity
M&A M&A
M&A
M&A
Activity
M&A
Activity
M&A
Activity M&A Activity M&A Activity
Activity Activity
polyethylene specialists Fustiplast was acquired by Dutch 44%
44%
Activity
40% 23%
Activity
36% 37% 25%
OUTBOUND 40% OUTBOUND
23% 36%
OUTBOUND
37%
OUTBOUND
25%
OUTBOUND OUTBOUND
industrial packaging company Greif International Holding BV. OUTBOUND
OUTBOUND OUTBOUND OUTBOUND OUTBOUND
OUTBOUND
Fustiplast generated revenues of €472m in 2010.
Poland: United Kingdom:
Although transactions have stalled recently we expect Over a third of all privately owned plastic
the high growth domestic plastic packaging market to packaging companies in the UK are owned
encourage an upswing in M&A activity over the next by owners/managers approaching retirement.
18 months. We expect them to drive M&A activity.
Plastic packaging companies by country (%)
12%
France
30% Germany
10% Italy
Netherlands
Spain
8%
UK
4% Poland
4% Rest of Europe
18% 14%
Source: Capital IQ
Report edited by Andre Johnston, with special thanks to Stefan Cooksammy
11

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