Law firm White & Case has advised The Smithfield Group, managing shareholder of Innovia Group, on the CAD1.13 billion (EUR810 million) sale of Innovia to CCL Industries.
Innovia is a specialist in polymer banknotes and the producer of the UK’s new GBP5 note, which caused controversy when it was revealed that it contains small amounts of tallow.
The transaction is subject to regulatory and other change of control approvals and customary completion procedures, with closing expected by the end of the first quarter of 2017.
“We advised The Smithfield Group on its acquisition of Innovia in 2014, and our strong relationship with both organisations ensured we were ideally placed to support this strategically important transaction,” says White & Case partner Ian Bagshaw, who led the firm’s deal team. “We are proud as a firm to have both Innovia and Smithfield as our clients and grateful for their mandate to help them pursue such a strategic transaction.”
The Smithfield Group buys, operationally improves and grows European and North American headquartered businesses, returning value to its global investor base when the businesses are sold. UK-headquartered Innovia, which employs around 1,200 people, produces high-tech products for packaging and industrial applications and banknotes.
Toronto Stock Exchange-listed CCL Industries is the world’s largest speciality label business, with a market value in excess of CAD8 billion and more than 20,000 employees located in 156 production facilities in 35 countries across six continents.
The White & Case team which advised on the transaction was led by partner Ian Bagshaw (London) and included partners Nicholas Greenacre and Lindsey Canning (both London), local partner Katarzyna Czapracka (Warsaw) and associates Jarlath McGurran, Steven Worthington, James Turner, Irina Kozlova, James Golunski and Charlotte Kelly (all London).
