There have been several speculations about possible takeover candidates in recent weeks. Now, Constantia Flexibles (CF, Vienna, Austria; www.cflex.com) has reported that a subsidiary of US investment company One Rock Capital Partners (New York, New York; www.onerockcapital.com) is to become the new majority owner of the Austrian packaging group. Subject to regulatory approval, the transaction is expected to close in the second half of the year.

The transaction means net proceeds of EUR 1.1 bn for the previous majority owner – French investment company Wendel (Paris; www.wendelgroup.com). This would be almost double the investments Wendel has spent on Constantia Flexibles since the takeover.

Wendel had acquired around 60% of the Austrian company in 2014; the takeover value at the time was EUR 2.3 bn. Under the Wendel umbrella, Constantia made 11 acquisitions in 10 countries as part of its growth strategy.

With around 8,660 employees at 38 locations in 16 countries, Constantia Flexibles says it is the world’s third-largest manufacturer of flexible packaging for the consumer and pharmaceutical industries. Sales in 2022 were EUR 2 bn (previous year: EUR 1.6 bn), with plastic packaging solutions accounting for 44% of this; 75% of sales are in the consumer sector, 25% in pharmaceutical packaging.