Wendel - One Rock Capital Partners will buy Constantia Flexibles for EUR 1.1bn
One Rock Capital Partners will buy Constantia Flexibles at EUR 1.1bn, roughly in line with our estimate of EUR 1.2bnWe estimate a generated IRR of 8.6%, which we deem as too low for an investment company like WendelWe are not sure why Wendel wanted to sell Constantia Flexibles in the current environment as it may not receive the best possible valuation. Maybe this is related to the acquisition of ScalianWith Constantia Flexibles out of the portfolio, we see no significant (positive) catalysts in the short term which could drive a rerating. Hold reiteratedWendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.
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