Quadpack and Texen owner PSB merge to create beauty packaging giant
(All images credit: Quadpack).16 Jul 2024 --- Quadpack Industries (ALQP) and PSB Industries are combining into a single group, placing the two beauty packaging manufacturers and providers under the umbrella of PSB Industries.
The merger will position PSB Industries among the top five cosmetics packaging companies worldwide. It will boast combined sales of around €350 million (US$381.3 million), over 2,000 employees, an industrial presence in six countries and operational and commercial operations in Asia, Europe and the Americas.
PSB Industries’ chairman and CEO François-Xavier Entremont, says: “With passionate and committed teams, a comprehensive service offering, global geographical coverage and critical size, the new group will be able to accelerate the development of its combined expertise and eco-design commitment in a stronger position to serve the beauty market, its brands and its consumers.
“With this transaction, we will reinforce our position as a leading player in transforming materials and packaging for makeup, skin care and fragrance markets.”
Combining forces
Headquartered in Brion, France, Texen creates bespoke packaging solutions for the luxury makeup and perfumery markets from its factories in France, Poland, Mexico and the US. Headquartered in Barcelona, Spain, Quadpack provides standard packaging solutions for the skin care and makeup markets.
The companies assert that they are aligned in their commitment to sustainability and ambition to lead the eco-transition of the beauty packaging sector.
Quadpack will become a part of PSB Industries.The transaction structure will result in PSB Industries acquiring 100% of ALQP’s share capital on one closing date. PSB Industries has committed to acquiring a stake representing 77.66% of ALQP’s share capital.
The transfer of the controlling block will be carried out through:
- A contribution of 65.43% of ALQP’s share capital in exchange for newly issued PSB Industries shares.
- The exchange ratio will be based on a valuation of ALQP equal to €32 (US$34.87)per share.
- An off-market sale in cash of 12.23% of ALQP’s share capital at the same price.
Separately, PSB Industries has committed to acquire a stake of 9.85% of ALQP’s share capital from a minority shareholder.
Completing the acquisition
The completion of the acquisition of the controlling block and the minority stake will be contingent upon the approval of an “asymmetric capital reduction” by shareholders at ALQP’s general shareholders’ meeting. All minority shareholders of ALQP can sell their shares at the same price (€32 per share).
The acquisition of the controlling block and the minority stake and the implementation of the capital reduction are inter-conditional and will take place simultaneously upon the approval of the capital reduction in September/October 2024. Thus, after the simultaneous closing of these transactions, PSB Industries will acquire 100% of ALQP’s shares on that date.
The transaction will enable PSB Industries to hold 100% of ALQP’s shares and delist ALQP from the Euronext Growth market.
