Sun European exits Allied Glass to trade for GBP 315m

The sale marks the first exit for Fund VII, which closed in July 2019 at USD 2.3bn. 

Sun European had acquired Allied Glass in a secondary buyout three years ago from CBPE, which generated an IRR of 10-15% over its ownership. 

The GP said it accelerated value creation through product innovation, increasing recycled content in glass production and platforms to enhance decision-making and cost savings, as well as a capex programme for a new facility.

CBPE acquired the company in 2013 from Equistone for GBP 120m-GBP 130m, in a deal that generated a 2.5x money multiple. 

Buyer Verallia said the all-cash deal would help it expand into the premium glass bottle segment, specifically scotch whisky and gin. 

Allied Glass has expected 2022 sales of GBP 150m, with around 95% of its turnover from the UK. 

The transaction is expected to close by mid-November. 

Company
Allied Glass designs, develops and manufactures glass packaging, benefitting from state-of-the-art extra-white, bespoke colour and decoration capability, with a strong focus on sustainability, based on an ESG policy with clear targets across all areas. 

Advisors
Sun European - Baird (M&A); EY (financial); S&C (tax); DLA Piper (legal).
Verallia - White & Case (legal); EY (financial and tax); ERM (environmental). 

People
Verallia - Patrice Lucas (CEO).
Allied Glass - Patrice Lucas (CEO).
Sun European Partners - Paul Daccus (managing director).

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