Astorg Partners to Acquire Saverglass from NiXEN Partners and Crédit Agricole
Astorg Partners has agreed to purchase Saverglass, a French manufacturer of premium glass bottles. The deal, involving NiXEN Partners and Crédit Agricole Private Equity as sellers, is expected to close by the end of June.
PARIS – Astorg Partners has signed an agreement to acquire the Saverglass group, a producer of premium glass bottles for spirits and fine wines. The sellers are NiXEN Partners, the majority shareholder, and Crédit Agricole Private Equity.
Founded in 1897, Saverglass designs, manufactures, and decorates glass bottles and flacons for the high-end market. The company reported €280 million in revenue for 2010 and serves an international clientele. Saverglass is considered a global leader in the luxury segment, with an annual production capacity exceeding 300,000 tons of glass across three production sites and two finishing plants in France.
Saverglass was previously acquired in 2006 by a consortium led by NiXEN Partners, with Crédit Agricole Private Equity as a participant. Since then, the company has invested significantly in expanding its production capacity, including the addition of a fifth furnace in 2008, which increased output by over 40 percent. Saverglass currently employs approximately 2,200 people.
The transaction remains subject to regulatory approval from competition authorities and is anticipated to be finalized by the end of June 2011. Both selling shareholders expressed satisfaction with Saverglass's performance and plan to provide a supplementary bonus to all employees.