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Sep 2021

Bernitsas Law advises Crown Holdings Inc on Greek leg of sale of majority stake to KPS Capital Partners

Bernitsas Law advised Crown Holdings Inc on the Greek leg of its definitive agreement and subsequent sale of  80% of its European Tinplate business to KPS Capital Partners LP for approximately €1.9bn. The transaction was completed in August 2021 and Crown Holdings Inc retains a 20% ownership stake in the business.

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 €1.9 billion in revenue and approximately €220 million in estimated standalone EBITDA and had approximately 6,300 employees.

Crown Holdings Inc, through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets.

Dechert LLP acted as international legal advisor to Crown Holdings Inc.

The Bernitsas Law team was led by Partners Lambros Belessis and Evi Kitsou. Counsel Fotodotis Malamas advised on Tax, Senior Associate Maria Kloni advised on Employment and Senior Associate Christina Zakopoulou advised on Real Estate.