The 60-year-old German aluminium closure manufacturer Closurelogic GmbH has been acquired by Guala Closures for a deal which values approximately $13.5 million, out of which $4.5 million is for inventory.
Closurelogic is based at the oldest German city Worms which primarily produces closures and also manufactures combination closures for edible oil that include an HDPE pourer and anti-refill device. The deal forecasted the continuation of production at the current Germany factory.
This agreement will enable the Guala Closures Group to remarkably lift its current minimal existence in the German market and open up production volume to serve new clients. The deal is presumed to close at the start of February’20
The company published sales of $58m and an EBITDA of around $1.8m in the year 2018.
Marco Giovannini, Group Chairman, and Chief Executive commented: “This transaction is in line with the group’s strategy to selectively consolidate the market and in particular the glass bottle mineral water one, a strongly growing market thanks to increasing focuses on sustainability and premiumization. The deal structure guarantees Guala Closures the possibility of acquiring only the assets of Closurelogic GmbH, without taking on board the liabilities generated by the previous management”.
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