CCL Industries Inc. has signed a binding agreement to acquire Bandfix AG, located near Zurich, Switzerland. Bandfix is a privately owned label company increasingly focused on European Specialty customers.
Bandfix estimated sales for the calendar year 2014 is $47.0 million with an anticipated adjusted EBITDA of approximately $3.5 million. The agreed debt and cash free enterprise value is $18 million subject to customary closing adjustments. The transaction is expected to close this quarter subsequent to local regulatory approval.
“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 & Specialty space,” said Geoffrey T. Martin president & CEO of CCL Industries Inc. “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.”
CCL Industries purchased Avery Dennison’s label converting business last year.