BROOKFIELD, NEWS,
Brookfield completed the transaction by partnering with the founding Schoeller family who will continue to hold the remaining 25% interest in the Company through
“This is a great transaction for the Company and completes a successful period of ownership by J.P. Morgan,” said Ian Robinson, CEO of Schoeller Allibert. “We are looking forward to building on our successes of recent years as we move into a new and exciting phase of our development with the support of the shareholders.”
“An increased global focus on sustainability, waste reduction, e-commerce and logistics automation positions the returnable packaging sector for meaningful growth, so we are pleased to invest in Schoeller Allibert which has built a highly regarded reputation in this space,” said Cyrus Madon, CEO,
“We valued the partnership with J.P. Morgan and are excited about the new partnership with Brookfield. We look forward to an increased ability to grow the business organically through continued innovation as well as internationally, organically or through acquisitions, supported by Brookfield’s global presence, financial strength and expertise”, said Martin and Christoph Schoeller,
Business Overview
Schoeller Allibert has a product portfolio of over 1,000 types of returnable plastic crates and containers used by a diversified, global customer base across essential industry sectors, including agriculture, beverage, food processing and retail, industrial and automotive manufacturing and container pooling and rental companies.
Business highlights:
- Strong competitive position. Schoeller Allibert is a key player in Europe with a scale footprint of manufacturing sites in key markets including Germany, Netherlands, France, Spain, the UK, and one facility in the United States.
- Favourable market dynamics. As a substitute for one-way packaging, the returnable packaging industry is positioned for growth, a trend driven by a global focus on sustainability, waste reduction and growing e-commerce and logistics automation.
- Diversified, long-term customer base. The business serves over 10,000 customers, many through long-term relationships, that are diversified across segments and geographies.
- Reputation for innovation. Schoeller Allibert has a comprehensive patented product range of foldable containers, rigid pallet containers, beverage crates as well as trays, stackable boxes and pallets. The business helps its clients reduce logistics costs and produces innovative designs that can meet demanding logistics and retail marketing display requirements.
Funding
Schoeller Allibert has €210 million in 8% Senior Secured Notes due in 2021 currently outstanding. The terms of the notes currently permit the issuance of additional notes and, in certain circumstances, holders may tender their notes for repurchase following the occurrence of a change of control.
Transaction Process
Closing of the transaction remains subject to customary conditions, including, among others, regulatory approvals and is expected to occur in the second quarter of 2018.
Schoeller Allibert is one of Europe’s key manufacturers of returnable plastic packaging systems. It has extensive expertise in a range of industries, including agriculture, automotive, food and food processing, beverage, retail, industrial manufacturing and pooling. For more information, visit www.schoellerallibert.com
| Media: Claire Holland Tel: +1 (416) 369-8236 Email: [email protected] | Investors: Courtney Burke Tel: +1 (416) 369-2629 Email: [email protected] Rogier Kloek Head of Treasury and Investor Relations Tel +31 (0) 88 0047312 [email protected] |
BROOKFIELD BUSINESS PARTNERS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
Note: This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "will," "expect," “increase,” "may," derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters will tend to identify forward-looking statements. Forward-looking statements in this news release include statements regarding the expected completion of the transaction described herein and the anticipated timing thereof, and the future performance and operation of the acquired business.
Although we believe that the forward-looking statements we make are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them or any other forward-looking statements or information in this news release. The future performance and prospects of
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law,
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