Australian packaging manufacturer Orora Limited has completed the 100 per cent acquisition of Saverglass SAS, a global company that specialises in the manufacturing, customisation and decoration of high-end glass bottles for wine, cosmetics, perfume, food, and spirit markets.
The acquisition was completed through the purchase of Olympe SAS.
Saverglass’ addition to Orora’s company portfolio enhances the ASX company’s strategic advantage, scale, diversification, and future growth opportunities.
Orora funded the acquisition with the proceeds of its equity raising comprising an institutional placement and accelerated non-renounceable entitlement offer, and extended Global Syndicated Facility Agreements.
The group’s debt maturity profile is now 4.3 years.
Orora said the syndication of the debt facilities was heavily oversubscribed, reflecting the strong support from existing new lenders to Orora and Saverglass.
The refinance reinforces Orora’s debt capital structure while also providing financial flexibility.
“We are extremely pleased to announce the completion of the acquisition of Saverglass. This strategic acquisition further strengthens our existing business, establishing Orora as a global player of scale in attractive premium segments,” said Orora CEO Brian Lowe.
“I am thrilled that Saverglass is now officially part of the Orora Group, and I look forward to working with the Saverglass team, led by CEO Jean-Marc Arrambourg, as we embark on this next exciting chapter in our company journey.”
Melbourne-based Orora is a leading manufacturer and distributor and sustainable, innovative packaging, and visual solutions for customers globally. The company focuses on the design and delivery of products and services that enable customers’ brands to thrive.
