SIG has entered into an agreement to acquire 100% of Scholle IPN, a privately held company, for an enterprise value of €1.362 billion and an equity value of €1.05 billion. The transaction will be funded through 33.75 million SIG shares issued from existing authorised capital and €370 million cash; the existing debt of Scholle IPN will be refinanced at closing. The transaction is expected to close before the end of the third quarter of 2022 subject to customary closing conditions.
Scholle IPN is a leading innovator in sustainable packaging with a systems offering. It is the inventor of and global leader in bag-in-box (2l –1,500l capacity) and the number two in spouted pouches (50ml – 500ml capacity). The acquisition will therefore expand SIG’s portfolio into both larger and smaller formats. Scholle IPN is headquartered in the USA and has approximately 2,100 employees globally. Revenue in the twelve months to 31 December 2021 was €474 million with adjusted EBITDA of €90 million (adjusted EBITDA margin c.19%)3. The USA accounts for around 55% of revenue and the acquisition will significantly increase SIG’s presence in this large and attractive market. It will also enable the expansion of the Scholle IPN portfolio into the emerging markets of Asia Pacific, Latin America and Middle East Africa, where SIG has a well-established presence.
