Wendel has signed an agreement to sell Constantia Flexibles, a global leader in flexible packaging, to a partner of One Rock Capital Partners, LLC (One Rock). Constantia Flexibles produces flexible packaging solutions for a diverse portfolio of well-known customers and local market leaders in the consumer goods and pharmaceutical sectors.

The business would be sold at a price that would provide Wendel with net proceeds of approximately EUR 1,097 million – equivalent to 1.94 times Wendel's total investment in Constantia Flexibles since 2015.

The net proceeds from the transaction are EUR 84 million higher than the valuation of Constantia Flexibles in Wendel's net asset value (NAV) published prior to the announcement of the transaction, i.e. as of 31 March 2023. Additional proceeds could be generated from the sale of current assets of the company, increasing the proceeds to EUR 1,124 million. This represents a valuation of 11.0% above NAV as at 31 March 2023 and 6.8% above NAV as at 30 June 2023. The transaction is expected to close in the second half of 2023, subject to the fulfilment of contractual conditions, including regulatory approvals.”