Constantia Flexibles Sells Labels Division to Multi-Color Corporation for an Enterprise Value of Approximately $1.3 Billion

July 19, 2017

A cross-border, multidisciplinary Willkie deal team represents Constantia Flexibles in the sale of its Labels division, which involved work in 17 jurisdictions.

On July 17, Willkie client Constantia Flexibles announced it has signed an agreement to sell its Labels division to Multi-Color Corporation for an enterprise value of approximately €1.15 billion ($1.3 billion) in cash and Multi-Color stock.

The transaction comprised work in 17 jurisdictions, the carve-out of the Labels division from the Constantia Flexibles Group, and a share consideration in Multi-Color, a listed US company. The transaction is expected to be completed in the fourth quarter of 2017, subject to regulatory approvals.

Constantia Labels is a global supplier of labels to the beverage, food, and home and personal care (HPC) industries, with long-standing customer relationships with leading brands. It has 23 plants in 14 countries and roughly 2,800 employees.

Based in Cincinnati, Ohio, Multi-Color is one of the largest label companies in the world serving some of the most prominent brands in the following market segments: Healthcare, HPC, Food & Beverage, Specialty (Automotive & Consumer Durables), and Wine & Spirits. With approximately 5,500 employees, it operates 45 manufacturing facilities worldwide.

The cross-border, multidisciplinary Willkie deal team was led by Mario Schmidt and Dr. Axel Wahl in Frankfurt and included Frankfurt: Corporate -- Georg Linde, Johannes Eckhardt, Wolfgang Münchow, Adrian Dengler, Erik Göretzlehner, Andreas Knödler, Miriam Wolffsky, Lukas Nein and Karsten Silbernagel; Finance -- Jan Wilms, Dr. Laura Pfirrmann and Christopher Clerihew; HR -- Dr. Christian Rolf and Tim Bulian; Tax -- Dr. Bettina Bokeloh and Nicolas Dominic Wolski; London: Corporate -- Katie Luton, Henri Weil and Gerry Kelly and  Finance -- Sebastian FitzGerald and Mamoun Shafi; New York: Corporate -- A. Mark Getachew, Albert T. Powers and Christine Centola; Brussels: Antitrust & Competition -- Susanne Zuehlke and Francesca Gentile and Corporate -- Diego Lambrecht and Zoè Janssen; and Paris: Corporate -- Virginie Sayag, Loic Toilier and Camille Lautier.