US food packaging company Crown Holdings has said it will buy Spanish food-can maker Mivisa Envases for €1.2bn to expand its offerings for Spain’s agriculture industry.
Crown said it would buy Mivisa from investment funds managed by affiliates of The Blackstone Group, N+1 Mercapital and management.
Mivisa was acquired by private equity firm Blackstone and funds advised by N+1 Private Equity — Dinamia and N+1 Private Equity Fund II — in 2011 for an undisclosed amount.
Mivisa, which reported sales of €555m for the year ended Jun 30, mainly serves the vegetable, fruit, fish, and meat industries. Mivisa has 10 manufacturing facilities, including six in Spain and one in Morocco, Crown said.
“(The deal) will significantly build upon Crown’s existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe’s leading agricultural economies,” Crown chief executive, John Conway, said.
Philadelphia-based Crown said it secured committed debt financing from Citigroup Global Markets. Citigroup was also the company’s exclusive financial adviser for the deal, which Crown said is expected to close in 2014 and add to earnings.
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