Business
Cascades Completes the Sale of its Equity Position in RDM Group
Cascades Completes the Sale of its Equity Position in RDM Group PR Newswire ...
About this update from Cascades Inc.
[{"type":"text","content":"\n \n \n \n Cascades Completes the Sale of its Equity Position in RDM Group\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n KINGSEY FALLS, QC\n \n ,\n \n Oct. 26, 2021\n \n /PRNewswire/ - Cascades inc. (TSX: CAS) announces that it has completed the sale of its 57.6% equity stake in Reno De Medici S.p.A. (BIT: RM) (\"Reno de Medici\", or \"RDM Group\"), previously announced\n \n July 5, 2021\n \n , to a subsidiary of funds managed by subsidiaries of Apollo Global Management, Inc. (NYSE: APO) for an all-cash price of €1.45 per share corresponding to a total cash consideration of approximately €315.3 million (approximately CAN$ 461 million, before transaction related fees).\n \n \n The selling price represents a multiple of approximately 11x of the adjusted operating income before depreciation of Reno De Medici for the last 12 months as of\n \n June 30, 2021\n \n .\n \n \n \"This transaction will create long-term value for the Company and our shareholders,\" stated\n \n Mario Plourde\n \n , President and CEO. \"Strategically, exiting our Boxboard Europe segment is aligned with our plan to focus on strengthening the competitive positioning of our core North American packaging and tissue papers business operations. To this end, proceeds from the divestiture will not only support ongoing strategic modernization initiatives and key projects but will also allow Cascades to strategically return capital to shareholders and proactively manage our debt profile.\"\n \n \n Rothschild & Co acted as financial advisor to Cascades in this transaction and\n \n Jones Day\n \n acted as legal advisor. Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors for Apollo.\n \n \n \n Founded in 1964, Cascades offers sustainable, innovative and value-added solutions for packaging, hygiene and recovery needs. The company employs 11,700 women and men in 85 production units in\n \n North America\n \n and\n \n Europe\n \n . With its management philosophy, half a century of experience in recyclin...