Dechert Advises Crown Holdings on Sale of its European Tinplate Business To KPS Capital Partners

Dechert is advising Crown Holdings, Inc. in its definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP. Crown will receive pre-tax proceeds of approximately €1.9 billion from the transaction and will retain a 20% ownership stake in the business.  The European Tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce food cans and ends, aerosol cans, metal closures and promotional packaging for various consumer brands.  In 2020, the business generated €1.9 billion in revenue and approximately €220 million in estimated standalone EBITDA and had approximately 6,300 employees. The deal, announced April 8, 2021, is expected to close during the third quarter of 2021 and is subject to certain regulatory approvals and customary closing conditions.

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania.  

The Dechert team includes corporate partners Ian Hartman, Michael Darby, Christopher Field, Douglas Getter, Ermine Bolot-Massé and John Markland, counsels James Stonehill and John Ix, and associates Kenneth Winterbottom, Nicholas Carroll, Madeleine Williams, Amy Corenswet and Benhouda Derradji; antitrust partners Clemens York and Michael Cowie, counsels Michael Okkonen and Jill Ross, and associate Thirith von Doehren; labor partner Philippe Thomas and associate Maëlle Chausse; tax partner Edward Lemanowicz, and associates George Davis and Ishani Kundu; environmental partner Abbi Cohen; intellectual property partner Joshua Rawson, and associates Nathan Smith and Noah Shier; and real estate special counsel Francois Quintard-Morenas.

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