Auction for Carlyle's Saverglass called off – report

Unquote team
09 November 2021

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Private equity sponsor Carlyle is understood to have called off the auction for French high-end glass bottle manufacturer Saverglass, according to a report by French daily L'Agefi.

The print report cited several persons in the know saying that advanced discussions with preferred bidder Lone Star did not conclude successfully. The report noted that Carlyle was marketing Saverglass with an EBITDA of EUR 90m and an expected sale value of between EUR 800m and EUR 900m.

According to the report, Carlyle could now be working on a refinancing of the debt and the distribution of dividends, which could take place by the beginning of 2022.

The auction for Saverglass was already at a standstill with remaining bidder Lone Star as of the end of October, as reported.

The Rothschild-run process was launched earlier this year, with Towerbrook and ICG reportedly involved in earlier stages, according to previous reports by Mergermarket.

Saverglass designs, manufactures and decorates bottles for premium alcohol brands. It produces 56% of its bottles for spirits, 42% for wines and the remaining 2% for other categories, according to its website. The company produces more than 500,000 tonnes of glass per year.

Carlyle bought Saverglass from Astorg Partners in 2015; Astorg had been the majority owner of the French bottle manufacturer Saverglass since a EUR 420m SBO in May 2011. A source familiar with the situation told Unquote at the time that Saverglass was valued at around EUR 560m during the talks, equating to approximately 6.5x EBITDA.