Gleiss Lutz advises private equity investor KPS Capital Partners in connection with multi-billion acquisition
A team of Gleiss Lutz lawyers has advised the US private equity investor KPS Capital Partners on aspects of German law in connection with the acquisition of Crown Holdings Inc.'s European tinplate business as part of an auction. The purchase price is EUR 2.25 billion. This means that KPS will acquire an 80 per cent stake, while Crown Holdings will retain a 20 per cent stake in the business. Closing of the transaction is still subject to the customary regulatory clearances and is planned for the third quarter of 2021.
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of investment funds with around USD 12 billion of assets under management (as at 30 September 2020). KPS makes controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS has completed over 80 controlling investments through six institutional investment funds.
Crown Holdings is the world's largest producer of aluminium food packaging and last year launched a strategic review for its can division. Based in Philadelphia and listed on the NYSE, the company has more than 200 manufacturing facilities worldwide. The European tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce food cans and ends, aerosol cans, metal closures and promotional packaging for various consumer brands. In 2020, the business generated EUR 1.9 billion in revenue and had approximately 6,300 employees.
The following Gleiss Lutz team advised KPS Capital Partners on the transaction: Dr. Jan Balssen (partner, Munich), Dr. Christian Cascante (partner, Frankfurt, both lead), Dr. Olaf Hohlefelder (Munich), Andrej Popp (Frankfurt, all Private Equity), Dr. Doris-Maria Schuster (partner), Dr. Daniela Mayr (both Employment, Hamburg), Dr. Stefan Mayer (partner), Dr. Ocka Stumm (both Tax), Dr. Tim Weber (partner), Svenja Heck (both Real Estate, all Frankfurt), Dr. Ingo Brinker (partner), Dr. Iris Benedikt-Buckenleib (both Competition/Antitrust), Dr. Matthias Werner (counsel), Dr. Theresa Uhlenhut, Sebastian Girschick (all IP/IT, all Munich), Dr. Jacob von Andreae (partner), Aylin Hoffs (both Public Law, Düsseldorf), Dr. Christian Hamann (partner), Simon Wegmann (both Data Protection), Dr. Alexander Molle (partner), Dr. Matthias Schilde (both IP/IT, all Berlin), Dr. Helge Kortz (partner), Patrick Reuter, Jana Pinto Escaleira (all Finance), Dr. Eike Bicker (partner), Felix Wrocklage (both Compliance, all Frankfurt).