The sale of the former Mivisa resists.
The former Mivisa (Crown Food España), the Spanish market leader in tinplate packaging for food and beverages, and owned by Crown Holdings, the world leader in consumer packaging, is resisting sale.
The U.S. group has owned Mivisa since 2013, but recently decided to divest not only its Spanish subsidiary but the entire food business it has in Europe. Crown Holding is asking for 2 billion dollars for the Spanish company and this is what has stopped one of its main interested parties, the British CVG, which had already been a shareholder in Mivisa some time ago.
But, there are still more interested parties. Lone Star, Platinum and Onex are the ones that keep going.
“according to Crown’s 2019 financial report, its food packaging business in Europe posted sales of $1.887 billion (about 1.6 billion euros), and net profit was $205 million, 172.6 million euros, according to the US group’s annual report. About a third of sales corresponds to the former Mivisa”.
In the auction have been “those investors with interests in the sector and that can exploit more synergies. They are the Canadian fund Onex, owner of SIG; the American Platinum, owner of Ball Metalpack and that in Spain highlights the acquisition of Iberconsa, and the Lone Star fund.
But these interested parties are not willing to offer more than 1.5 billion. According to Cinco Días, Crown is considering cancelling the sale process “due to the low appetite detected”.
