* Deal for 1.20 bln euros
* Crown to buy Mivisa from funds managed by Blackstone, N+1
* Crown expects deal to add to earnings
Oct 31 Food packaging company Crown Holdings Inc
said it would buy Spanish food-can maker Mivisa Envases
for 1.20 billion euros ($1.65 billion) to expand its offerings
for Spain's agriculture industry.
Crown said in a statement that it would buy Mivisa from
investment funds managed by affiliates of The Blackstone Group
LP, N+1 Mercapital and management.
Mivisa was acquired by private equity firms Blackstone and
funds advised by N+1 Private Equity - Dinamia and N+1
Private Equity Fund II - in 2011 for an undisclosed amount.
Mivisa, which reported sales of 555 million euros for the
year ended June 30, mainly serves the vegetable, fruit, fish and
meat industries. Mivisa has 10 manufacturing facilities,
including six in Spain and one in Morocco, Crown said.
"(The deal) will significantly build upon Crown's existing
position in the strategically important European food can
segment by substantially increasing our presence in Spain, one
of Europe's leading agricultural economies," Crown Chief
Executive John Conway said in a statement.
Philadelphia-based Crown said it secured committed debt
financing from Citigroup Global Markets. Citigroup was also the
company's exclusive financial adviser for the deal, which Crown
said is expected to close in 2014 and add to earnings.
Crown shares closed at $40.62 on the New York Stock Exchange