Jan 31 2015
Wendel, a global investment firm, has completed the acquisition of CSP Technologies at an enterprise value of US $360 million. As part of the transaction, the Wendel Group has invested US $198 million for a 98% ownership in CSP.
In preparing for this acquisition, Wendel obtained the dollar amount corresponding to the transaction at a rate of 1.23 EUR/USD when it entered into exclusive negotiations in December 2014, investing a total amount of €160 million.
CSP is a leading producer of specialty plastic packaging solutions for the healthcare, food and beverage markets, and is the global leader in the production of vials for the diabetes test strip market.
Frederic Lemoine, the Chairman of Wendel’s Executive Board, said: “One year after the opening of Wendel North America’s office in New York, we are very proud to announce the acquisition of CSP. CSP’s management team has delivered consistent growth over a long period of time, led by a strong focus on quality and innovation. We look forward to further supporting John Belfance and his team as they continue to expand into new markets. After the recent acquisition of Constantia Flexibles in Europe and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013-2017 objective of investing €2 billion globally.”
John Belfance, CEO of CSP Technologies, commented: “Wendel’s long-term investment philosophy and 300-year track record of building exceptional manufacturing companies make them the ideal partner for us. We welcome them as a strategic partner as we continue to execute our domestic and international business objectives.”
CSP Technologies is headquartered in Auburn, Alabama with manufacturing facilities in Niederbronn, France. The company has over 400 employees, with 300 based in the US, and is expected to generate over US $100 million in revenue in 2014 and free cash flow of approximately US $26 million in 2014.