Iberian M&A Overview

Packaging industry

FY 2019

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Plastic:

Dopla acquires Nupik International [cross-border]

Dopla S.p.A, an Italy-based company that manufactures plastics products, has agreed to acquire an undisclosed controlling stake in Nupik International SA, a Spanishmanufacturer of disposable plastics for catering services. The operation has been executed for an undisclosed consideration.

Paccor International acquires EDV Packaging [cross-border]

Paccor International GmbH, a German company supplier of rigid packaging solutions to the consumer goods and food services sectors, has acquired EDV PackagingSolutions SA, a Spain-based company engaged in rigid barrier packaging for the food industry. The deal value was not disclosed.

Grupo Zriser acquires Alción Plásticos S.L.

Grupo Zriser, a Spain-based investment arm of Serratosa Lujan family, has acquired Alcion Plásticos, a Spanish company engaged in production and distribution ofplastic packaging products, for an undisclosed deal value.

CPC Group acquires Fina Flexible Packaging [cross-border]

CPC Group, a French company engaged in providing packaging solutions, has acquired Fina Fleblible Packaging, a Spain-based consultants and suppliers of qualityprinting on flexible film for the packaging of mass consumption, for an undisclosed consideration.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice.

Iberian M&A Overview – Packaging industry – FY 2019 Selected operations

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Paper and cardboard:

DS Smith acquires Papeles y cartones de Europa (Europac) [cross-border]

In Q1 2019, DS Smith, a British provider of corrugated packaging present in 37 countries, completed the acquisition of Papeles y Cartones de Europa (Europac), aSpanish integrated operator with activities in all areas of the paper and cardboard packaging industry value chain. In 2017 Europac achieved a turnover of €868M andan EBITDA of €147M. The deal was closed at a valuation multiple of 11,4x EBITDA.

International Paper Company acquires 2 packaging plants of DS Smith [cross-border]

In April 2019, in order to fulfil the commitment made to the European Commission in relation to Europac’s acquisition, DS Smith, sold 2 packaging plants in Franceand Portugal to International Paper Company, a listed US-based company engaged in manufacturing paper, packaging and forest products. The deal value was €63M.

International Paper Company acquires Kadem Montblanc [cross-border]

International Paper Company, US-based listed firm engaged in producing paper, packaging and Forrest products, has agreed to acquire Kadem Montblanc SL, aSpanish manufacturer of cardboard packaging, for an undisclosed consideration.

Rafael Hinojosa S.A. acquires 2 production units of Demca and Edihor

Rafael Hinojosa S.A., company engaged in manufacturing packaging to the food industry, has acquired in July 2 production units of Demco S.A and Edihor S.L, aSpanish group, which filed for bankruptcy in May 2019. Demca-Edihor has annual revenues of €15M and counts with 110 employees.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice.

Iberian M&A Overview – Packaging industry – FY 2019 Selected operations

Demca-Edihor

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Paper and cardboard:

Industrias Celulosa Aragonesa acquires Norm Ambalaj Oluklu Mukavva Kutu Uretim [cross-border]

S.A., Industrias Celulosa Aragonesa (SAICA), a Spanish manufacturer and distributor of corrugated paper and packaging, has decided to acquire the manufacturingplant Sakarya of Norm Ambalaj Oluklu Mukavva Kutu Uretim, Turkish company engaged in manufacturing corrugated paper. The terms of the operation areunknown.

Papier-Mettler GmbH acquires Finieco [cross-border]

Papier-Mettler GmbH, a German provider of plastic and paper packaging, has acquired Finieco - Industria e Comercio de Embalagens, SA, a company based inPortugal, manufacturer of paper bags and packaging, for an undisclosed deal value.

Essentra acquires Nekicessa Packaging [cross-border]

Essentra Plc, a UK-listed company specialized in manufacture and distribute vital component parts, has acquired Nekicessa Packaging, a Spain-based manufacturer offolding cartons, cardboard boxes and labels and one of the leading converters of folding cartons supplying the pharmaceutical end-market in Spain, for an undisclosedconsideration.

Glass:

Berlin Packaging acquires Vidrimon Envases de Vidrio S.L. [cross-border]

Berlin Packaging LCC, a US-based company engaged in manufacturing, distribution and supply of packaging products, has acquired Vidrirom Envases de Vidrio S.L, aSpanish supplier of bottles of olive oil and innovative glass packaging, for an undisclosed deal value.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice.

Iberian M&A Overview – Packaging industry – FY 2019 Selected operations

NORMAMBALAJ

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Labels:

Lappi Industrias Gráficas acquires Gráfica Calipolense [cross-border]

Grupo Lappi (Lappi Industrias Gráficas), manufacturer of labels based in Spain, has acquired Gráfica Calipolense SA, a Portuguese manufacturer of paper and self-adhesive label with 2 production units in Vila Viçosa, which have an extension of 9.000m2. Deal value amounted to €10M, which implies a multiple valuation of 1,0xsales.

Crest Capital Partners acquires Penta Group

Crest Capital Partners - Sociedade De Capital De Risco, SA, a Portugal-based private equity firm has acquired a mayor stake in Penta Group, a Portuguesemanufacturer of labels, flexible packaging and paperboard. The terms of the operation have not transcended.

Emsur Macdonell acquires Eximpack-Rotoprint [cross-border]

Emsur Macdonell, S.A., a Spanish company specialized in manufacturing food packaging, has acquired a mayor stake in Eximpack-Rotoprint LLC, a Russian producer offlexible packaging, with shrink sleeves as core product. Eximpack has a workforce of around 240 employees.

This document contains general information obtained from public sources and does not constitute a professional opinion or advice.

Iberian M&A Overview – Packaging industry – FY 2019 Selected operations

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Packaging industry

Financial data and valuation multiples of public companies

Source: Bloomberg

This document contains general information obtained from public sources and does not constitute a professional opinion or advice.

COMPANYTotal Revenue EBITDA EBITDA Margin EV / Revenues EV / EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

PLA

STIC RPC GROUP PLC 4.254 4.290 652 694 15,3% 16,2% 1,2x - - -

GROUPE GUILLIN 637 657 80 89 13,0% 13,5% - 0,5x 4,5x 4,1x

RESILUX 420 433 43 45 10,2% 10,3% 0,8x 0,9x 8,8x 8,4x

Median 13,0% 13,5% 1,0x 0,7x 6,6x 6,2x

PA

PER

AN

D C

AR

DB

OA

RD

UPM-KYMMENE OYJ 10.522 10.306 2.217 1.814 21,1% 17,6% 1,4x 1,5x 7,2x 8,8x

SMURFIT KAPPA GR 9.140 9.186 1.582 1.649 17,3% 18,0% 1,1x 1,2x 7,2x 6,9x

DS SMITH PLC 7.119 7.559 1.003 1.186 14,1% 15,7% 1,2x 1,1x 8,6x 7,3x

MAYR-MELNHOF KAR 2.499 2.561 302 381 12,1% 14,9% 1,0x 1,1x 9,5x 7,5x

BILLERUDKORSNAS 2.331 2.325 289 268 12,4% 11,5% 1,1x 1,1x 9,1x 9,8x

METSA BOARD OYJ 1.911 1.922 242 293 12,6% 15,2% 1,2x 1,3x 10,0x 8,3x

RENO DE MEDICI 698 492 69 37 9,9% 7,4% 0,5x 0,8x 5,5x 10,4x

GASCOGNE 399 - 21 - 5,3% - 0,5x - 9,2x -

BRODRENE HARTMAN 312 - 49 - 15,7% - 1,1x - 7,6x -

Median 12,6% 15,2% 1,1x 1,1x 8,4x 9,4x

OTH

ERS GERRESHEIMER AG 1.415 1.426 406 363 28,7% 25,5% 2,2x 2,2x 7,7x 8,6x

VIDRALA 982 998 248 263 25,3% 26,4% 2,6x 3,1x 12,3x 11,6x

DEUFOL SE 262 - 23 - 8,9% - 0,5x - 4,9x -

PSB INDS 250 266 19 22 7,6% 8,2% 0,5x 0,3x 4,6x 4,1x

Median 17,1% 25,5% 1,4x 2,2x 6,3x 8,6x

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