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Blackstone, N+1 agree swift Mivisa turnaround with €1.2bn sale to Crown Holdings

1 Nov 2013

Mivisa cansPrivate equity firms Blackstone and N+1 Mercapital have agreed the €1.2bn sale of Spanish food can manufacturer Mivisa Envases to Crown Holdings.

The deal represents a nine-times multiple of the company’s fiscal 2013 EBITDA of €133m, and marks a swift turnaround for the private equity pair who bought into the business for about €900m in 2011.

Blackstone and N+1 also reportedly received an €185m payout through a dividend recapitalisation of Mivisa in March this year, increasing the company’s debt despite opposition from lenders.

Crown chairman and CEO John Conway said, “We are excited about the acquisition of Mivisa, as it will significantly build upon Crown’s existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe’s leading agricultural economies.

“Mivisa has demonstrated impressive sales and profitability growth in recent years through prudent investment, highly efficient manufacturing practices, focused innovation and excellent customer relationships.”

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