CCL Industries entered into a definitive agreement to acquire the Innovia Group of companies for approximately $1.13 billion, debt free and net of cash from a consortium of UK-based private equity investors managed by The Smithfield Group. The transaction is expected to close by the end of Q1/17.

Geoffrey T. Martin, president and CEO of CCL, said, “CCL’s 2017 pro-forma annual sales are forecast to exceed $5 billion post close. The transaction will be financed from existing capacity in our revolving credit facility and a new $450 million, two-year term loan provided by a syndicate of banks led by Bank of Montreal”.

Innovia, headquartered in Wigton in the UK, is a global producer of specialty, high performance, multi-layer, surface engineered BOPP films for label, packaging and security applications.

CCL Industries is a global provider of specialty label, security and packaging solutions.