CCL Industries Inc. of Toronto, a global manufacturer of printed label and packaging products, signed a binding agreement to acquire Bandfix AG located near Zurich, Switzerland.
Bandfix is a privately owned label company focused on European specialty customers with estimated sales for the calendar year of 2014 of $47 million and anticipated adjusted EBITDA of approximately $3.5 million. The agreed debt and cash free enterprise value is $18 million.
“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,” stated Geoffrey Martin President & CEO of CCL Industries. “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.”
Bandfix, which is to be renamed as CCL Label upon meeting customary closing adjustments, will be overseen by Austrian-based Guenther Birkner, President of CCL’s Food & Beverage business.
CCL Industries operates three divisions, Label, Container and Tube, with 6,600 employees in over 70 operations on six continents.