Stonebridge Fund IV portfolio company, Exal Corporation, announced the closing of the sale of its European operations to Ardaugh Group on February 28, 2012 for aggregate value exceeding $110 million. The sale included can manufacturing plants in France, the Netherlands and Hungary, as well as a joint venture slug plant based in France. Proceeds from the sale will be redirected to Exal’s rapidly growing and more profitable Latin American operations, as well as to support further development of its patented coil to can technology. The sale resulted in Exal reducing its debt by approximately 50% with only a modest reduction in consolidated earnings, thereby further enhancing the value of the business.
Exal is the world’s largest manufacturer of extruded shaped aluminum cans and enjoys a leadership position in coil to can technology. Exal was recapitalized by Stonebridge Partners and Ontario Teachers in April 2010, and has been a very attractive investment for Fund IV.