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Ardagh Closes USD 1bn Acquisition of African Glass Packaging Producer Consol.

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MANews-(C)2009-2022

Luxembourg-based metal and glass packaging producer Ardagh Group S.A. has closed the acquisition of African glass packaging producer Consol Holdings Proprietary Ltd, a producer of glass packaging on the African continent, for an equity value of ZAR 10.1bn (USD 635m), the company said.

Headquartered in Johannesburg, and founded in 1946, Consol is the market leader in South Africa, operating four glass production facilities.

It serves a range of international, regional and domestic customers, principally in the beer, wine, spirits, food and non-alcoholic beverage sectors.

In the year to June 30, 2021, Consol reported consolidated revenues of ZAR 9bn (USD 566m).

South Africa represented approximately 90% of revenues, with the balance represented by smaller production facilities in Kenya, Nigeria and Ethiopia.

Glass consumption in Consol's markets is projected to continue to increase, driven by long-term trends, including population growth, rising income levels and shifts to premium one-way sustainable glass packaging.

The enterprise value of the transaction represents a multiple of approximately 6.6 times LTM Adjusted...

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