IDEAL Holdings, through its subsidiary SICC Limited, signed an agreement to sell 100% of Astir Vitogiannis S.A. (“Astir”) to Guala Closures. Astir directly owns 74.99% of Coleus Packaging (pty) Limited (“Coleus”).
Astir, based in Athens, Greece, produces approximately 7 billion crowns annually, with over 90% export activity, and delivers its products to more than 70 countries and all territories. Coleus is based in Johannesburg, South Africa, produces approximately 6 billion crowns annually, and is the leading producer in Sub-Saharan Africa. Astir acquired 74.99% of Coleus in July 2022, forming the only crown manufacturing group with operations in 2 hemispheres. The companies range from multinational breweries and world-known beverage companies to smaller market segments, providing crown closures of various specifications and variations. Astir and Coleus are well known internationally for their high-quality products, service excellence, continuous investments, and modern facilities. In 2023, the companies sold more than 12.3 billion crowns, with a revenue of €75 million, adjusted EBITDA of €19 million, EBT of €16 million, and net debt of €15.0 million. The agreed enterprise value amounts to €136 million, subject to certain customary closing adjustments. The completion of the transaction is expected in H2 2024 and is subject to customary closing conditions and regulatory approvals.
Mr. Stelios Vitogiannis will continue his role as CEO of Astir, will report to the CEO of Guala Closures, and will become an indirect shareholder at Guala.
Guala Closures is a leading player in high-value-added closures for spirits and wine, with 33 production facilities and 7 R&D centers and selling its products in more than 100 countries.
Mr. Stelios Vitogiannis, CEO of Astir, stated: “This transaction is a great opportunity for the company, its employees, and all related stakeholders, as it will further accelerate our next phase of growth. Over the last 2 decades, Astir has consistently grown, becoming a leader in the crown closures segment with exceptional operating and financial performance. The entry of Guala Closures will enable the company to expand its range of operations faster. I am very proud that Astir has attracted investment interest from companies of the size and fame of Guala. I am very pleased to begin this new journey with a partner that has already achieved very impressive achievements and set itself very ambitious goals while ensuring the company's future growth.”.
The Chairman of IDEAL Holdings, Mr. Lampros Papakonstantinou, commented, “This is a very special day for all of us, and we are proud of this transaction. Because Mr. Stelios Vitogiannis and the business model impressed us, we made our first investment in Astir in September 2017. In May 2021, Astir became part of IDEAL and contributed to our growth. We invested in a family business, which helped it become more corporate, international, invest in another continent, grow, and attract the attention of the leader in its field. We believe that our decision to transfer Astir to Guala Closures will provide the necessary platform to accelerate growth and Stelio's vision. IDEAL is a company focusing on investing and creating value. Upon the completion of this transaction, we expect to generate excellent returns for our shareholders and increased cash reserves for our next investment moves.”.
