Wendel Se · EURONEXT:MF
Wendel — Merger or Acquisition (December 2014)
13 slides from Wendel's merger presentation, Dec 23, 2014
Slide 1: Acquisition of Constantia Flexibles
Acquisition of Constantia Flexibles
Slide 2: Transaction overview
Transaction overview On December 23, Wendel signed a share purchase agreement to acquire Constantia Flexibles, a global leader in Flexible packaging In recent years Constantia Flexibles has developed from a supplier with a strong European regional focus into a group which is active on a global bas
Slide 3: Company snapshot
Company snapshot Constantia Flexibles in figures 2013 FY sales by segment #2 market position in Europe #4 market position globally Labels 24.8% leading (#1 or 2) market positions in key segments FY2013 revenues over €1.6bn FY2013 EBITDA €233m i.e. 14.3% margin Food >8,000 employees 59.7%
Slide 4: The vast product portfolio is grouped into 3 divisions
The vast product portfolio is grouped into 3 divisions Lidding die cut Blister lidding foil Pressure sensitive labels Confectionery foil and film Suppository foil Aluminum foil bottle neck Product Examples Snack laminates Stick pack foil Aluminum lid labels Dried food laminates Sachet foil Wrap arou
Slide 5: Innovation driven by customer needs
Innovation driven by customer needs Customer needs Innovation examples Sustainability Child resistance Cost saving Barrier Brand differentiation High functionality Convenience Constantia Flexibles, December 23, 2014 5
Slide 6: Investment thesis
Investment thesis 1 Large and growing market 2 Global player with leading positions in segments on which it competes 3 Strong and resilient financial performance 4 Ability to drive market consolidation suggested by M&A track-record 5 Development strategy & outlook Constantia Flexibles, December 23,
Slide 7: Large and growing market
1 Large and growing market Total relevant market 2013 Constantia Flexibles addresses more than 50% of a total relevant market worth €60bn Food packaging Pharma packaging Labels Source: PCI films consulting Constantia Flexibles, December 23, 2014 7
Slide 8: Large and growing market
1 Large and growing market Secular trends drive demand for flexible packaging applications Global trend Demand drivers Flexible packaging solutions Transition from unpacked to packed food Urbanisation Large families to small families Packaged food Increased shelf life due to longer supply chai
Slide 9: Global player with leading positions in segments in which it operates
2 Global player with leading positions in segments in which it operates European #2 Global #4 ~60% of 2012 sales were generated in market segments where Constantia Flexibles is #1 or #2 Confectionary Coldform In-mould Blister foils Beer labels €m foil flexible labels Position (global) #1 #2 #2
Slide 10: Strong and resilient financial performance
3 Strong and resilient financial performance Long-term trend of sales and EBITDA Acquisition of 1. Globalpack, Mexico 2. Spear, USA 3. Parikh, India Acquisition of Acquisition Asas, Turkey of Hueck, Germany Acquisition of 1 634 Tobepal, Spain 1 314 1 213 1 029 1 026 1 047 977 713 711 745 766 14.0% 1
Slide 11: Ability to drive market consolidation suggested by M&A track-record
4 Ability to drive market consolidation suggested by M&A track-record Tobepal, Spain Globalpack, Mexico /USA Parikh, India Revenues: ~€100m Revenues: ~€180m Revenues: ~€20m Employees: 407 Employees: 1,500 Employees: 500 Rationale: Entry into Spanish flexible Rationale: Consolidation of presence Rati
Slide 12: Growth drivers, development strategy & outlook
5 Growth drivers, development strategy & outlook Market consolidation – Opportunities to be seized via acquisitions, strong pipeline and M&A track-record Enter new emerging markets through acquisitions – Exposure to emerging markets increase already on track: >30% of 2014e sales vs.<20% in 2011
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