Presentazione standard di PowerPoint · PSB Industries SA France 412.1 47.0 21.9 11.4% 5.3% Resilux NV Belgium 11.1% 333.1 37.0 20.8 6.3% RPC Group plc (1) United Kingdom 3,578.8

PACKAGING INSIDER OCTOBER 2017

Packaging Sector Heads Introducing Clairfield International

Clairfield International is the leading M&A advisor for crossborder midmarket transactions.

We provide top-notch advice to family businesses, multinational corporations and financial investors on mergers, acquisitions, and sales as well as additional corporate finance services: • Mergers & acquisitions • Strategic advisory • Capital markets advisory • Family business advisory

Contents

CONTACT For additional information, contact Silverio Davoli [email protected]

Packaging Industry Expertise

Our team offers unique expertise in local and global packaging markets. We have direct contacts to many of the leading packaging companies around the world, thereby facilitating access to relevant deal flow for acquisitive groups and private equity investors.

We have completed transactions for clients in the following segments of the packaging industry: • Closures • Flexibles • Containers (plastic, metal) • Cartons • Labels • Machinery Packaging is a vast and highly technical industry. We understand the product/application/client profile of your business and recommend the best industrial and commercial fit to maximize value.

Silverio Davoli - Partner [email protected] International packaging industry expert with both multinational and local clients.

Section 1: Market Comparables 1.1. Rigid containers and closures page 2 1.2. Flexible packaging page 6 1.3. Paper and board page 10 Section 2: Packaging market overview page 14 Section 3: Selected Clairfield International packaging transactions page 16

Oliver Le Grelle - Partner [email protected] Expert in packaging for the luxury market; perfumes, cosmetics, wines & spirits, pharmaceuticals.

Olivier began his career in the packaging industry with various management positions, including in the packaging division of Saint Gobain and Alcoa CSI. In 2006, he oversaw the acquisition of a label company. He completed two more acquisitions in perfumery and industrial packaging. He then developed M&A advisory business with Financière de l’Epervier and Financière de Courcelles, closing several transactions.

Silverio began his career at Credit Suisse First Boston and Merrill Lynch in London. In 1989 he moved to Italy and closed his first M&A deal for the packaging industry. In 2005 he became the worldwide Packaging Sector Team Leader for an M&A network, coordinating all marketing actions and buyer/target searches worldwide. Under his direction, the team closed an average of 2-3 packaging transactions per year.


1. Market Comparables

1.1. Rigid containers and closures – listed comparables

(US$ in millions)

2

Latest Twelve Months Margins Company Country Revenue EBITDA EBIT EBITDA EBIT AptarGroup, Inc. United States 2,347.7 463.2 310.1 19.7% 13.2% Ball Corporation United States 9,062.0 1,144.0 691.0 12.6% 7.6% CCL Industries Inc. Canada 3,362.0 633.1 457.0 18.8% 13.6% Cristalerias de Chile S.A. Chile 434.2 91.2 64.1 21.0% 14.8% Crown Holdings Inc. United States 8,320.0 1,343.0 1,101.0 16.1% 13.2% Greif Inc. United States 3,537.7 454.3 333.0 12.8% 9.4% Kian Joo Can Factory Bhd Malaysia 402.1 45.5 26.1 11.3% 6.5% Myers Industries Inc. United States 546.7 56.0 22.5 10.3% 4.1% Nihon Yamamura Glass Co. Ltd. Japan 631.5 47.8 9.5 7.6% 1.5% Owens-Illinois, Inc. United States 6,720.0 1,118.0 696.0 16.6% 10.4% PSB Industries SA France 412.1 47.0 21.9 11.4% 5.3% Resilux NV Belgium 333.1 37.0 20.8 11.1% 6.3% RPC Group plc (1) United Kingdom 3,578.8 504.5 290.6 14.1% 8.1% Silgan Holdings Inc. United States 3,772.8 506.4 351.0 13.4% 9.3% UFP Technologies Inc. United States 148.8 17.7 12.0 11.9% 8.1% Vetropack Holding AG Switzerland 606.4 101.8 37.1 16.8% 6.1% Vidrala SA Spain 851.3 203.8 123.9 23.9% 14.5% Winpak Ltd. Canada 865.8 197.0 159.8 22.8% 18.5%

Median 13.8% 8.7%

Mean 15.1% 9.5%

Adjusted Mean (2) 15.1% 9.4%

*All LTM Figures are as of June 2017 unless otherwise noted Source: Factset (1) LTM - Mar-31-2017 (2) Top and Bottom 10% of data set is excluded from adjusted mean calculation



1.1. Rigid containers and closures – listed comparables (Con’t)

(US$ in millions)

3

Market Enterprise Enterprise Value / LTM Price / Debt / Company Cap Value Revenue EBITDA EBIT Earnings EBITDA AptarGroup, Inc. 5,547.9 5,243.7 2.23x 11.3x 16.9x 25.9x 1.0x Ball Corporation 14,952.6 19,160.5 2.11x 16.7x 27.7x 82.5x 6.1x CCL Industries Inc. 8,965.0 7,739.5 2.30x 12.2x 16.9x 28.7x 1.2x Cristalerias de Chile S.A. 703.2 803.1 1.85x 8.8x 12.5x 14.0x 1.0x Crown Holdings Inc. 8,163.2 11,977.5 1.44x 8.9x 10.9x 17.2x 3.2x Greif Inc. 2,944.6 3,722.5 1.05x 8.2x 11.2x 36.6x 2.0x Kian Joo Can Factory Bhd 315.8 376.5 0.94x 8.3x 14.4x 12.0x 1.5x Myers Industries Inc. 668.7 601.5 1.10x 10.7x 26.7x 155.9x 3.1x Nihon Yamamura Glass Co. Ltd. 197.0 321.5 0.51x 6.7x 33.8x 16.1x 2.8x Owens-Illinois, Inc. 4,176.1 7,779.8 1.16x 7.0x 11.2x 18.6x 4.3x PSB Industries SA 221.0 297.5 0.72x 6.3x 13.6x 11.8x 2.2x Resilux NV 355.3 313.4 0.94x 8.5x 15.0x 19.1x -0.6x RPC Group plc (1) 5,272.5 4,863.0 1.36x 9.6x 16.7x 26.1x 2.7x Silgan Holdings Inc. 3,242.2 4,620.4 1.22x 9.1x 13.2x 23.6x 3.0x UFP Technologies Inc. 207.1 154.6 1.04x 8.8x 12.9x 23.0x -1.7x Vetropack Holding AG 435.7 677.0 1.12x 6.7x 18.3x 18.4x -0.2x Vidrala SA 2,330.7 1,603.4 1.88x 7.9x 12.9x 24.6x 1.6x Winpak Ltd. 2,736.4 2,058.6 2.38x 10.4x 12.9x 24.1x -1.1x

Median 1.19x 8.8x 14.0x 23.3x 1.8x

Mean 1.41x 9.2x 16.5x 32.1x 1.8x

Adjusted Mean (2) 1.40x 8.9x 15.8x 25.7x 1.7x

Summary statistics




1.1. Rigid containers and closures – historical comparable trends

(US$ in millions)

4

EBITDA/Margins Enterprise Value / EBITDA Company Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 AptarGroup, Inc. 20.3% 19.7% 17.7% 17.7% 17.5% 18.0% 19.3% 10.8x 10.5x 9.9x 10.8x 8.3x 8.3x 7.9x Ball Corporation 14.8% 13.6% 14.0% 13.9% 13.5% 13.5% 13.4% 16.5x 11.9x 10.3x 9.5x 8.9x 7.9x 7.4x CCL Industries Inc. 19.0% 20.0% 18.6% 17.9% 19.5% 18.8% 18.5% 14.4x 14.4x 10.3x 10.2x 6.3x 5.6x 5.8x Cristalerias de Chile S.A. 21.5% 21.2% 22.1% 20.5% 19.0% 21.0% 24.4% 7.8x 6.8x 7.1x 9.0x 8.6x 6.6x 7.8x Crown Holdings Inc. 15.9% 14.3% 12.9% 12.1% 12.7% 13.1% 13.1% 9.3x 10.5x 10.8x 9.7x 8.6x 7.7x 8.4x Greif Inc. 13.1% 11.1% 11.1% 12.2% 11.5% 12.2% 13.9% 8.8x 7.2x 7.6x 7.8x 7.7x 7.2x 8.1x Kian Joo Can Factory Bhd 14.0% 14.7% 13.8% 15.4% 16.9% 16.8% 17.6% 7.7x 6.9x 7.7x 7.1x 6.7x 5.8x 5.1x Myers Industries Inc. 10.6% 10.5% 9.5% 11.6% 12.2% 9.8% 7.9% 10.5x 9.0x 9.6x 8.5x 7.5x 6.7x 10.7x Nihon Yamamura Glass Co. Ltd. 8.9% 5.4% 2.9% 4.1% 7.2% 8.7% 10.5% 5.0x 6.8x 11.4x 7.8x 6.0x 4.3x 4.8x Owens-Illinois, Inc. 15.8% 15.2% 14.9% 16.0% 16.5% 15.9% 18.1% 6.8x 9.1x 6.5x 7.9x 5.7x 5.6x 6.8x PSB Industries SA 12.6% 15.1% 15.5% 14.8% 13.6% 15.5% 15.8% 6.2x 6.1x 5.5x 5.6x 4.9x 4.1x 5.3x Resilux NV 12.0% 12.9% 11.4% 10.2% 8.8% 9.6% 12.1% 4.6x 11.2x 9.3x 9.4x 6.9x 5.2x 5.7x RPC Group plc (1) 14.3% 13.5% 12.9% 12.1% 12.8% 11.0% 8.8% 14.8x 13.6x 8.7x 9.7x 6.2x 7.6x 5.1x Silgan Holdings Inc. 12.8% 12.7% 13.4% 13.7% 14.0% 13.7% 14.8% 9.9x 10.3x 9.9x 9.3x 9.0x 8.4x 7.8x UFP Technologies Inc. 11.1% 13.2% 12.5% 15.4% 15.0% 13.9% 14.5% 9.0x 8.1x 7.3x 7.0x 4.9x 4.1x 3.5x Vetropack Holding AG 17.2% 18.3% 17.5% 19.7% 19.6% 22.4% 22.5% 6.2x 6.3x 5.3x 6.8x 6.3x 5.0x 5.2x Vidrala SA 21.7% 19.6% 22.9% 23.9% 23.0% 23.9% 25.6% 9.5x 12.6x 9.8x 9.6x 6.6x 7.0x 8.2x Winpak Ltd. 23.6% 22.8% 19.1% 18.6% 19.2% 18.9% 19.1% 10.8x 11.5x 12.7x 9.6x 6.9x 5.8x 7.1x

Median 14.5% 14.5% 13.9% 15.1% 14.5% 14.7% 15.3% 9.2x 9.7x 9.5x 9.2x 6.8x 6.2x 7.0x Mean 15.5% 15.2% 14.6% 15.0% 15.1% 15.4% 16.1% 9.4x 9.6x 8.9x 8.6x 7.0x 6.3x 6.7x

Adjusted Mean (2) 15.4% 15.3% 14.8% 15.1% 15.1% 15.3% 16.0% 9.2x 9.5x 8.8x 8.7x 7.0x 6.3x 6.7x


Summary statistics



1.1. Rigid containers and closures – M&A transactions

Date Target Country Acquiror Country EV Revenues EBITDA EBIT Aug-17 Teknik Plastik Greiner

Ambalaj Sanayi Ve Ticaret A.S. (49% Stake)

Turkey Greiner Packaging International GmbH

Austria NA NA NA NA

Aug-17 Tempack Packaging Solutions, S.L.

Spain Softbox Systems Limited UK NA NA NA NA

Jul-17 Bourrasse groupe (60% Stake)

France Amorim & Irmaos, S.g.p.s., S.A.

Portugal NA 55,00 NA NA

Jul-17 Bormioli Rocco SpA (Pharma packaging business)

Italy Triton Partners Germany,UK, Sweden

NA 225,00 50,00 NA

Jul-17 Axiom Propack Pvt Ltd India Guala Closures SpA Italy NA 6,00 NA NA

Jul-17 Boxmore Packaging Pty Ltd

South Africa ALPLA Werke Alwin Lehner GmbH & Co KG

Austria NA NA NA NA

Jul-17 Styro Nor AS (50% Stake)

Norway Jackon Holding AS Norway NA 5,51 NA NA

Jul-17 Garda Plast SpA (70% Stake)

Italy Progressio SGR SpA Italy NA 40,00 5,00 NA

Jun-17 Tecnopacking SL Spain Bunzl Plc UK NA 38,00 NA NA Jun-17 Propack Srl Italy ALPLA Werke Alwin Lehner

GmbH & Co KG Austria NA NA NA NA

Jun-17 Pinard Emballages France IK Investment Partners Limited

UK NA NA NA NA

Jun-17 Leoplast S.r.l. Italy LUMSON S.p.A Italy NA NA NA NA Jun-17 Gehl Foods West Bend

Bottle Manufacturing Plant

USA ALPLA Werke Alwin Lehner GmbH & Co KG

Austria 4,83 NA NA NA

Jun-17 Metalpak Oy Finland Emballator Metal Group Sweden NA 10,00 NA NA

Jun-17 VMT Ecopack B.V. Netherlands ConTeyor Multibag Systems NV

Belgium NA NA NA NA

Jun-17 Færch Plast A/S Denmark Advent International Corporation

USA 873,84 184,02 38,88 29,79

(US$ in millions)

5

Source: MergerMarket , October 2017



1.2. Flexible packaging – listed comparables

(US$ in millions)

6

Last Twelve Months Margins Company Country Revenue EBITDA EBIT EBITDA EBIT Amcor Ltd. Australia 9,101.0 1,366.7 1,007.2 15.0% 11.1% Avery Dennison Corporation United States 6,086.5 792.9 612.8 13.0% 10.1% Bemis Co. Inc. United States 4,004.4 589.6 427.5 14.7% 10.7% Brødrene Hartmann A/S Denmark 304.3 44.6 26.9 14.7% 8.8% Envases del Pacifico S.A. (1) Chile 64.3 29.3 22.3 45.5% 34.7% Intertape Polymer Group Inc. Canada 833.7 102.9 69.6 12.3% 8.3% Sealed Air Corp. United States 7,020.8 1,114.7 900.1 15.9% 12.8% Tredegar Corp. United States 880.8 80.3 44.8 9.1% 5.1%

Median 14.7% 10.4%

Mean 17.5% 12.7%


*All LTM Figures are as of June 2017 unless otherwise noted Source: Factset (1) Fiscal Year Ending Aug-31-2016 (2) Top and Bottom 10% of data set is excluded from adjusted mean calculation



1.2. Flexible packaging – listed comparables (con’t)

(US$ in millions)

7

Market Enterprise Enterprise Value / LTM Price / Debt / Company Cap Value Revenue EBITDA EBIT Earnings EBITDA Amcor Ltd. 13,844.1 18,629.4 2.05x 13.6x 18.5x 22.3x 3.0x Avery Dennison Corporation 8,907.7 7,448.8 1.22x 9.4x 14.1x 23.6x 1.4x Bemis Co. Inc. 4,271.5 6,018.6 1.50x 10.2x 13.0x 21.2x 2.5x Brødrene Hartmann A/S 414.9 422.9 1.39x 9.5x 12.7x 20.8x 2.0x Envases del Pacifico S.A. (1) 414.5 406.2 6.32x 13.9x 22.3x 184.8x -0.3x Intertape Polymer Group Inc. 901.4 1,298.8 1.56x 12.6x 17.2x 16.4x 1.5x Sealed Air Corp. 8,503.9 12,936.3 1.84x 11.6x 15.1x 23.0x 3.6x Tredegar Corp. 617.7 852.1 0.97x 10.6x 21.5x 10.0x 0.8x

Median 1.53x 11.1x 16.2x 21.8x 1.8x

Mean 2.11x 11.4x 16.8x 40.3x 1.8x


Summary multiples & statistics




1.2. Flexible packaging – historical comparable trends

(US$ in millions)

8

EBITDA Margins Enterprise Value / EBITDA

Company Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10

Amcor Ltd. 14.0% 14.2% 14.0% 13.8% 11.4% 9.6% 10.5% 12.0x 10.8x 12.9x 11.8x 10.5x 9.6x 10.9x

Avery Dennison Corporation 10.5% 12.0% 10.5% 10.9% 9.7% 9.4% 10.8% 10.4x 9.5x 8.4x 8.2x 7.8x 6.3x 8.5x

Bemis Co. Inc. 13.6% 14.2% 13.6% 12.8% 12.4% 11.9% 13.2% 10.0x 9.6x 9.4x 8.8x 7.8x 7.1x 8.3x

Brødrene Hartmann A/S 14.6% 15.3% 14.6% 14.3% 13.0% 14.0% 11.9% 8.2x 7.4x 6.8x 5.9x 4.5x 4.5x 4.6x

Envases del Pacifico S.A. (1) 8.8% 9.1% 8.8% 8.1% 12.8% 17.6% 21.7% 9.7x 10.2x 5.0x 12.0x 10.2x 9.1x 10.0x

Intertape Polymer Group Inc. 11.8% 12.8% 11.8% 12.5% 10.7% 7.8% 5.3% 13.1x 10.3x 11.3x 10.0x 8.0x 6.7x 7.7x

Sealed Air Corp. 12.9% 15.0% 12.9% 12.9% 12.6% 13.2% 15.5% 12.1x 11.8x 12.5x 10.5x 8.2x 5.6x 7.1x

Tredegar Corp. 10.4% 9.7% 10.4% 10.5% 11.6% 11.3% 11.8% 10.4x 6.5x 8.1x 10.2x 6.7x 6.6x 6.8x

Median 12.4% 13.5% 12.4% 12.7% 12.0% 11.6% 11.9% 10.4x 9.9x 8.9x 10.1x 7.9x 6.7x 8.0x Mean 12.1% 12.8% 12.1% 12.0% 11.8% 11.9% 12.6% 10.7x 9.5x 9.3x 9.7x 8.0x 6.9x 8.0x


Summary multiples & statistics




1.2. Flexible packaging – M&A transactions

Date Target Country Acquirer Country EV Revenues EBITDA EBIT Sept-17 Propak Ambalaj Uretim ve

Pazarlama A.S. (90% Stake) Turkey Polinas Plastik Sanayi ve

Ticaret A.S. Turkey NA NA NA NA

Aug-17 Rowland Technologies, Inc. USA ORAFOL Europe GmbH Germany NA NA NA NA

Aug-17 Clondalkin Flexible Packaging Orlando, Inc.

USA ProAmpac LLC USA NA NA NA NA

Jul-17 Technoflex S.A (95% Stake) France Medflex France NA 33,00 NA NA

Jul-17 Sidac SpA Italy Indigo Capital France; Orienta Partners Srl

France;Italy NA 27,00 3,50 NA

Jul-17 Constantia Labels GmbH Germany Multi-Color Corporation USA 1.133,79 605,00 NA NA

Jul-17 Rockwell Solutions Limited UK Sappi Ltd South Africa NA 12,54 1,37 0,98

Jul-17 Apeldoorn Flexible Packaging B.V.

Netherlands Jindal Poly Films Limited India 82,30 111,00 NA NA

Jun-17 SPhere SA (44% Stake) France Orfite 24 France NA 368,00 NA NA

Jun-17 Express Printing Business (E.P.B.) NV

Belgium Optimum Group B.V. Netherlands NA NA NA NA

(US$ in millions)

9




1.3. Paper and board – listed comparables

(US$ in millions)

10

Latest Twelve Months Margins Company Country Revenue EBITDA EBIT EBITDA EBIT

Cascades, Inc. Canada 3,117.3 281.3 129.9 9.0% 4.2%

DS Smith plc. (1) United Kingdom 6,169.2 744.5 469.7 12.1% 7.6%

Graphic Packaging Holding Company United States 4,317.1 691.7 388.1 16.0% 9.0%

Huhtamaki Oyj Finland 3,228.3 417.3 285.4 12.9% 8.8%

Mayr-Melnhof Karton AG Austria 2,485.7 316.0 211.7 12.7% 8.5%

Mondi plc United Kingdom 7,554.1

1,816.3

1,370.5 24.0% 18.1%

Nampak Ltd. (2) (4) South Africa 1,356.3 283.0 219.0 20.9% 16.1%

Packaging Corp. of America United States 5,779.0

1,161.6 803.7 20.1% 13.9%

Rengo Co. Ltd. Japan 5,100.6 480.0 196.0 9.4% 3.8%

Smurfit Kappa Group plc Ireland 9,092.9

1,321.3 884.1 14.5% 9.7%

Sonoco Products Co. United States 4,773.1 601.6 398.3 12.6% 8.3%

Median 12.9% 8.8%

Mean 14.9% 9.8%


*All LTM Figures are as of June 2017 unless otherwise noted Source: Factset (1) LTM - Apr-30-2017 (2) LTM - Mar-31-2017 (3) Top and Bottom 10% of data set is excluded from adjusted mean calculation (4) Net Debt as of Sept-30-2016



1.3. Paper and board – listed comparables (Con’t)

(US$ in millions)

11

Cascades, Inc. 1,181.9 2,081.4 0.7x 7.4x 16.0x 2.9x 4.1x DS Smith plc. (1) 7,068.6 6,769.6 1.1x 9.1x 14.4x 22.7x 2.0x

Graphic Packaging Holding Company (2) 4,434.7 6,098.1 1.4x 8.8x 15.7x 25.8x 3.0x

Huhtamaki Oyj 4,684.7 4,641.6 1.4x 11.1x 16.3x 19.4x 1.7x Mayr-Melnhof Karton AG 2,930.5 2,130.8 0.9x 6.7x 10.1x 17.2x 0.0x Mondi plc 10,140.8 11,752.2 1.6x 6.5x 8.6x 18.9x 0.8x Nampak Ltd. (2) (4) 905.5 1,260.1 0.9x 4.5x 5.8x 6.5x 1.2x Packaging Corp. of America 11,083.4 10,375.7 1.8x 8.9x 12.9x 22.5x 2.1x Rengo Co. Ltd. 1,582.4 3,781.9 0.7x 7.9x 19.3x 12.4x 4.8x Smurfit Kappa Group plc 7,136.5 8,723.2 1.0x 6.6x 9.9x 15.0x 2.3x Sonoco Products Co. 5,116.9 6,181.8 1.3x 10.3x 15.5x 19.4x 1.3x

Median 1.1x 7.9x 14.4x 18.9x 2.0x Mean 1.2x 8.0x 13.1x 16.6x 2.1x


Summary statistics




1.3. Paper and board – historical comparable trends

(US$ in millions)

12

EBITDA Margins Enterprise Value / EBITDA Company Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Cascades, Inc. 9.8% 10.5% 9.3% 9.8% 7.9% 5.4% 9.6% 6.3x 7.2x 6.8x 7.5x 7.0x 6.0x 5.1x DS Smith plc. (1) 12.3% 11.9% 11.2% 9.9% 10.4% 10.0% 8.4% 9.2x 10.5x 8.6x 9.4x 9.8x 5.0x 7.4x Graphic Packaging Holding Company (2) 17.2% 17.4% 16.4% 14.0% 14.2% 13.8% 13.9% 8.3x 8.4x 9.6x 8.5x 6.7x 6.8x 7.1x Huhtamaki Oyj 13.1% 12.2% 10.9% 11.1% 10.3% 10.0% 10.8% 11.4x 13.6x 10.3x 9.9x 7.0x 6.6x 6.5x Mayr-Melnhof Karton AG 13.5% 13.1% 12.9% 12.0% 12.7% 12.9% 13.4% 6.9x 7.8x 6.6x 7.0x 5.9x 4.5x 6.8x Mondi plc 19.4% 18.7% 16.9% 16.1% 15.1% 15.7% 13.4% 8.6x 9.3x 8.0x 8.1x 6.8x 4.1x 7.2x Nampak Ltd. (2) (4) 11.2% 15.5% 14.3% 15.2% 14.8% 13.5% 13.7% 7.9x 8.7x 12.6x 10.0x 8.2x 6.6x 6.7x Packaging Corp. of America 20.0% 19.3% 18.5% 20.7% 18.4% 17.1% 18.2% 9.2x 7.3x 8.9x 10.3x 9.0x 6.9x 8.2x Rengo Co. Ltd. 10.3% 8.2% 6.9% 8.9% 10.6% 11.2% 12.6% 7.2x 9.2x 9.8x 7.6x 6.3x 6.1x 5.5x Smurfit Kappa Group plc 14.6% 13.8% 13.6% 12.7% 12.1% 13.1% 12.2% 6.9x 7.7x 6.7x 7.3x 5.1x 4.7x 6.7x Sonoco Products Co. 13.4% 12.4% 12.1% 11.8% 12.0% 12.3% 12.9% 9.4x 8.1x 8.6x 8.6x 6.9x 6.9x 7.2x

Median 13.4% 13.1% 12.9% 12.0% 12.1% 12.9% 12.9% 8.3x 8.4x 8.6x 8.5x 6.9x 6.1x 6.8x

Mean 14.1% 13.9% 13.0% 12.9% 12.6% 12.3% 12.6% 8.3x 8.9x 8.8x 8.6x 7.2x 5.8x 6.8x


Summary statistics




1.3. Paper and board – M&A transactions

Date Target Country Acquiror Country EV Revenues EBITDA EBIT Sept-17 Eurobrillance France Martin Raeymaekers

(Private Investor) Belgium NA 13,00 NA NA

Sept-17 Greenwoods Stock Boxes Ltd (packaging business and selected assets); Nottingham Recycling Ltd

UK Macfarlane Group plc UK 18,99 16,59 2,37 2,37

Sept-17 Vivabox Solutions, LLC USA Lion Equity Partners LLC USA NA NA NA NA

Sept-17 Schut Packaging bv Netherlands P. Van De Velde N.V. Belgium NA NA NA NA

Aug-17 OJSC PEF "Soyuz" Russia Smurfit Kappa Group Plc Ireland NA NA NA NA

Jul-17 Bulleh Shah Packaging (Private) Limited (35% Stake)

Pakistan Packages Limited Pakistan NA NA NA NA

Jul-17 TPMS Polska (58% Stake) Poland Rengo Co., Ltd. Japan NA 19,69 NA NA

Jul-17 HEPACK druck+verpackung GmbH (75% Stake)

Germany Karl Knauer KG Germany NA NA NA NA

Jul-17 Stora Enso Re-Board AB Sweden Culas AB Sweden NA NA NA NA

Jun-17 Interstate Resources, Inc. (80% Stake)

USA DS Smith Plc UK 1.206,07 586,56 NA NA

Jun-17 International Paper Company China Huhtamaki Oyj Finland 15,00 19,00 NA NA

Jun-17 Fosber SpA (40% Stake) Italy Guangdong Dongfang Precision Science and Technology Co., Ltd.

China NA 147,90 NA NA

(US$ in millions)

13



31%

25% 22%

12%

7% 3%

Key figures

The global packaging market has increased by 4.2% per year since 2010.

$114 of packaging are consumed per person per year in the world, multiplied by a global population of 7.35 bn in 2015.

2,000

1,150

800

150 100 80 50 -1%

0%

1%

2%

3%

4%

-

500

1,000

1,500

2,000

2,500

Forecast of global market in 2019 (bn of units) and expected growth rate

Breakdown of global market by material

Market concentration factors

Market concentration of players is motivated by the increasing size of the purchasers, who are also experiencing concentration. Purchasers have adopted more demanding procurement policies and have a preference for negotiating with larger subcontractors.

Some segments such as plastic packaging remain very fragmented and present a number of growth opportunities for groups that would achieve build-up operations.

Packaging companies are also achieving geographical concentration by purchasing companies located near their multinational clientele.

Several development strategies can be observed, in particular:

Strategy based on materials and characterised by specialization, increase of production capacities, optimization of production process and conquest of new markets.

Strategy based on development of a complete offer using different materials, processes and innovations.

Good visibility on the packaging market reinforces the attractiveness of the sector for investors and industrial companies, encouraging the consolidation trend that began a few years ago.

Sources: INSEE, Pira, WPO, Poyry

2. Packaging Market Overview (1/2)

Metal Paper and cardboard Flexible plastic

Glass Rigid plastic Other

14


Strong growth driven by 6 main factors

Rigid plastics experience strong growth

Rigid plastics, the third market segment by value, is expected to continue its growth trend until 2020.

4.4% annual growth is expected, to reach $223 bn in 2020, driven by strong consumption of liquid food products.

PET remains the more used material thanks to its light weight that makes transportation easier.

Technological advancements related to this material enables its use as a packaging for milk and hot sauces and food preparations.

Africa, Middle East and Asia are expected to remain the biggest consumers of rigid plastic packaging products in the next 5 years.

Growth in flexible materials expected to continue

Demand for flexible packaging (paper, plastics, complex/multilayer materials) strongly increased in 10 years

Once considered a low-cost packaging, these materials have experienced technical advancements and are now in common use.

3.4% annual growth is expected, to reach $248 bn in 2020.

Asia is expected to remain the first consumer of packaging with a 45% market share in 2020 (vs. 42% in 2015).

The food market of food represents 70% of flexible packaging consumption.

Advancement of barrier properties and development of high-speed filling equipment enables flexible packaging to expand in the beverage market.

Sources: INSEE, Pira, WPO, Poyry, specialized press

689

812

998

2010 2014 2020

Global demand for packaging (in $bn) Urbanization of

emerging countries

Large-scale production

More and more complex supply chain

For luxury, wines & spirits, cosmetics and fragrances market, costs of packaging represents 30% of price

Access to weighed, conditioned, tagged, overwrapped, etc.

Reinforced by migration flows and desertion of countryside

Market transformation

New consumer requirements

Digital printing Mass customization, possibility to produce short series for an affordable price. Progression of 13,6% until 2018

Consumers require natural and healthy products: packaging innovation to reduce food preservatives

Packaging with more value added replaces products used for mass consumption

Explanatory factors

Emerging countries

Developed countries

4.2%

CAGR

Increasing demand

3.5%

CAGR

2. Packaging Market Overview (2/2)

15


3. Selected packaging transactions closed by Clairfield International

16

Germany

was sold to

Italy

sold all activities related to production of injection-

stretch-blow molding (ISBM) equipment

Italy

sold all activities related to production of extrusion blow moulding machines (HDPE)

France

sold its asset to

Finland

sold its Flexible Packaging division to

Italy

sold its 100% stake in the share capital of

to a subsidiary of

Germany

sold

Spain

Sweden

issued targeted shares of SEK 1,100 million to

France

acquired

Netherlands

merged with

France

acquired all the industrial assets and the business of

Industrial European Wood Production

Holding

Debt advisory

IMPACK

http://www.chemence.com/

http://www.paardekooper.nl/

http://www.halmapackaging.nl/nl/

Documents

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