CCL Industries completes acquisition of 100% of Middle East Venture
CCL Industries Inc. (“the Company”), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced it has completed the acquisition of the remaining 50% equity interest in its Middle East joint venture, Pacman-CCL (“PCCL”), from its partner, Albwardy Investment LLC, headquartered in Dubai.
PCCL, headquartered at its Dubai manufacturing facility in the United Arab Emirates, also operates label production facilities in Oman, Egypt, Saudi Arabia and Pakistan. Sales for the first four months of 2024 were approximately $34 million with $14 million of adjusted EBITDA. The debt-free, all cash purchase consideration is approximately $143 million, net of cash acquired, subject to customary closing conditions. The business will immediately commence trading as CCL Label with results fully consolidated.
Geoffrey T. Martin, President and Chief Executive Officer of CCL Industries Inc., stated, “We are very excited to have full ownership of our operations in this fast growing and vibrant region of the world. I’d like to take this opportunity to thank our partner, Mr Ali Saeed Albwardy, who helped us establish and grow in the Middle East, and to welcome the management team and employees of PCCL as they become full members of the CCL family.”
