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Coveris Holdings S.A. Announces Sale of Its Americas Business

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Coveris Holdings S.A. (“Coveris” or “the Company”), a premier global packaging manufacturer, today announced that it has entered into an agreement with Transcontinental Inc. (TSX: TCL.A, TCL.B) ("TC Transcontinental") to sell the Company’s Americas packaging business (the “Americas Sale”) for an aggregate purchase price of $1.320 billion, which shall be paid in cash and shall be subject to customary closing adjustments.

The proceeds of the Americas Sale are expected to be used to repay certain of the Company’s existing indebtedness. Coveris Americas generated sales and adjusted EBITDA for the year ended December 31, 2017 of $966 million in revenues and $128 million, respectively.

Jakob A. Mosser, Chief Executive Officer of Coveris: “We are very excited about the sale of our Americas business to TC Transcontinental. This sale will enable us to focus on our operations in Europe, where we are one of the largest players in the flexibles and rigid packaging market. This supports our recent strategic focus on delivering high performance and sustainable packaging solutions for our customers in the food, pet food, medical and pharmaceutical markets.”

Upon the closing of the Americas Sale, the Company’s remaining operations will consist of its Rigid, EMEA, and UK Food & Consumer businesses, and it will have manufacturing facilities in 14 countries, 44 strategically located facilities and over 8,000 employees. Pro forma for the sale of the Americas business, the Company’s remaining operations generated sales and adjusted EBITDA for the year ended December 31, 2017 of €1.4 billion and €132.4 million (including €21 million of expected synergies in 2018), respectively.

The Americas Sale is subject to customary closing conditions, including regulatory approvals and it is expected to close in mid 2018. Goldman Sachs & Co. LLC and Wells Fargo Securities served as financial advisors to Coveris Americas. Kirkland & Ellis, LLP acted as legal advisors to Coveris Americas. This announcement contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.

About Coveris

As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day.

Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.

FORWARD-LOOKING STATEMENTS:

The information contained in this release may contain forward-looking statements, estimates and projections. These statements involve elements of subjective judgment and analysis and are based upon the best judgment of Coveris as of the date hereof. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties, as there are a variety of factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Therefore, you should not rely on these forward-looking statements. Neither Coveris nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this release or to update or keep current any of the information contained herein and this release is not a representation by Coveris or any other person that they will do so, except to the extent required by law.

Contact information

Investors
Coveris
Duane Owens, 864-641-4710
Treasurer
duane.owens@coveris.com
www.coveris.com

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