Verallia buys Allied Glass
Allied Glass has been sold to Verallia Group, the third largest producer of glass packaging for beverages and food products globally, for a total enterprise value of £315 million.
An affiliate of private investment firm Sun European acquired Allied in December 2019, this then led to a programme of value creation through product innovation, increasing recycled content in glass production and a bolstering of the ESG profile. Allied also introduced activity-based, product level costing platforms to enhance commercial and operational decision making and cost savings. Furthermore, a capex programme for a new facility increased capacity and manufacturing efficiency. Each of these initiatives expanded the company’s market share and profitability.
Alan Henderson, CEO of Allied Glass, added: “Our partnership with the Sun European team has been a great success, and today Allied Glass is a market leader in its field, with impressive technical capability and a flexible customer-focused approach. Our shared values and focus on delivering a customer-first strategy, combined with Sun European’s operational knowledge and deep manufacturing expertise have allowed us to transform and grow the business further over the last 2-3 years as well as creating further value through innovation and internal development.”
Commenting on the acquisition, Patrice Lucas, CEO of Verallia, declared: “This acquisition of Allied Glass is fully in line with our strategy which is to accelerate our investments in key markets while leveraging our industrial, technological and management expertise to generate synergies. I am convinced that Verallia and Allied Glass have an outstanding fit as we share common vision and values. This is a great milestone too, as the Group will be present on the UK market, I am confident that this combination will create sustainable value for customers, employees and shareholders. Finally, I am delighted to welcome Alan Henderson in the Executive Committee team of Verallia.”
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Image: Verallia has signed a binding agreement with an affiliate of Sun European Partners for the acquisition of Allied Glass, a market leader in the UK premium glass packaging segment with a focus on the premium spirits market.
