Industrial Sector Team Contacts: UK Packaging Debt ... · acaqqu ired Bennsonn, and Coveris, one of...

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Packaging - An Industry of Change

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M&A Trends

UK PackagingA period of consolidation MARKET OVERVIEW

Industrial Sector Team Contacts:

Patrick Groarke, Partner - 020 7484 4707

Graham Carberry, Director - 020 7484 4728

Alex John, Director - 020 7484 4712

Barry Sheehan, Associate - 020 7484 4747

Greg Watterson, Analyst - 020 7484 4714

DATE TARGET ACTIVITY ACQUIRER EV EBITDA (X)

Nov-14 Presentation Products Group Supplier of rigid packaging and gifting products Multi Packaging Solutions n.a n.a

Nov-14 Label Connections Pre-die cut pressure sensitive labels CCL Industries Inc n.a n.a

Nov-14 Flexipol Packaging Polyethylene based fl exible packaging manufacturer Plastics Capital plc 10.6 6.9x

Aug-14 Learoyd Packaging Supplier of fl exible packaging solutions Coveris n.a n.a

Sep-14 Network Packaging Packaging materials distributor Macfarlane Group plc 7.5 n.a

Jul-14 Plastique Plastic thermoformed packaging manufacturer Business Growth Fund n.a n.a

Jun-14 St. Neots Packaging Cartonboard solutions for the food-to-go and convenience markets Coveris n.a n.a

Feb-14 Benson Group Cardboard packaging products for food & pharmaceutical apps Graphic Packaging 100.0 6.6x

Dec-13 M&H Plastics Rigid plastic packaging to the personal care, healthcare segments RPC Group plc 103.5 7.4x

Nov-13 Allied Glass Containers Glass bottle manufacturer CBPE Capital 130 6.6x

Nov-13 BCP Fluted Packaging Corrugated packaging supplier Huhtamaki Oy 16.7 8.9x

Sep-13 Systems Labelling Labels supplier to the FMCG sector The Americk Group n.a n.a

Jul-13 Chesapeake Corp Global provider of print-based specialty packaging The Carlyle Group n.a n.a

Mar-13 Contego Healthcare Packaging solutions for the pharmaceutical and healthcare markets Filtrona plc 160.0 8.9x

Jan-13 Paragon Print & Packaging Self adhesive labels, fl exible packaging and cardboard sleeves Coveris 153.7 6.5x

COMPARABLE PACKAGING TRANSACTIONS

source: Mergermarket, Livingstone Analysis

QUOTED PACKAGING COMPANIES MULTIPLE ANALYSIS The population of publicly quoted companies listed in the UK is varied in product type - rigids, fl exibles, paper and foils are all represented - and geographic reach, from Rexam one of the world’s leading beverage can manufacturers through to MacFarlane’s, a UK-centric leader in the distribution of packaging consumable products. Over the past three years, as consumer confi dence has returned and spending has increased, those companies with global reach and signifi cant scale have traded at a premium. For example, three years ago Mondi was trading on a 4x EBITDA multiple, now the fi gure is nearer 8x. However, it is worth highlighting that during 2014 the majority of groups have seen a decline in their multiple as the pace of economic growth in key regions has slowed. Only MacFarlane’s has gained, possibly refl ecting the strength of the UK economy - where the group generates nearly all of its revenues.

source: S&P Capital IQ, Livingstone Analysis

Over the past three years all the share prices of all of these groups have recorded positive gains, ranging from Rexam (+15%) through to Mondi (+130%). However, if we narrow the focus to the past 12 months, the picture is less encouraging. With the exception of RPC (+11%) all the remaining groups’ share prices have drifted, mirroring overall stock market performance. The share prices of RPC, the rigid packaging specialist, has consistently outperformed its peers as the group has supported the implementation of its Vision 2020 strategy with acquisitions, which included M&H Plastics for £103.5m.

CURRENT & FORECAST YEAR EV/EBITDA MULTIPLE

Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14

API BPI DS Smith MacFarlane Mondi Rexam RPC

DS Smith

McFarlane

International Mid-market M&A and Debt Advisory Firm

020 7484 4700

4.4x4.9x

7.4x6.9x

7.8x7.3x

7.4x7.8x

Current Year Forecast Year

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Recent tecchnhnhnololologogogici all aaddvances haaavveve also faciilitated the digitalautomationon oof f otthher processes such as fl exoggraphic. With high defi fi ninittion rresesololutututiion of uup p toto 225050 lines per incchh, diggital fl exo technology can now deliver gravure and lithographiic c quality, while retaining g tht e fl exibility that digital printing g offers. This is all the more important given the growing market for short-run print solutions, mentioned above. As more traditional technologies have cost effectiveminimum order quantities which are often in excess of these new requirements, the ability of a packaging provider to offer high quality, cost effective short run solutions is increasingly being valued at a premium in the current market.

Packaging - An Industry of Change

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