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CCL agrees deal to buy Bandfix

CCL Industries has signed a binding agreement to acquire Bandfix, a privately owned label company increasingly focused on European specialty customers located near Zurich, Switzerland.

The agreed debt and cash free enterprise value is 18 million USD subject to customary closing adjustments. The transaction is expected to close this quarter subsequent to local regulatory approval.

Bandfix has estimated sales for the calendar year 2014 of 47 million USD and anticipated adjusted EBITDA of approximately 3.5 million USD. Post-close the business will be renamed CCL Label, Switzerland.

Geoffrey T. Martin, president and chief executive officer of CCL Industries, said: ‘Bandfix has a long history in the European label industry and brings to CCL a foothold in Switzerland, home to the headquarters of many important global customers, especially in the healthcare and specialty space.

‘We are pleased to welcome Bandfix employees to CCL and have solid plans to invest in Switzerland to develop the business for future growth and improved profitability.

‘The operation will change its trading name post-close to CCL Label, Switzerland and report to Guenther Birkner, president of our Food & Beverage business and our senior operating leader in Europe based nearby in Austria.’

Source: http://www.labelsandlabeling.com/news/latest/ccl-agrees-deal-buy-bandfix#sthash.5iPcqRRJ.czdjEjBp.dpuf