Packaging manufacturer Orora has completed a $2bn acquisition of Saverglass, a leading player in the manufacturing and design of high-end glass bottles.

Saverglass currently holds a 33 per cent market share of the high-end spirits bottles market, with clients such as Grey Goose and José Cuervo.

The acquisition was completed via the purchase of all the shares of Olympe SAS, and Saverglass will bolster Orora’s scale, diversification and future growth opportunities.

Orora CEO Brian Lowe said: “We are extremely pleased to announce the completion of the acquisition of Saverglass. This strategic acquisition further strengthens our existing business, establishing Orora as a global player of scale in attracting premium segments. I am thrilled the Saverglass is now officially part of the Orora Group, and I look forward to working with the Saverglass team, lead by CEO Jean-Marc Arrambourg, as we embark on this next exciting chapter in our company journey.”

Orora funded the acquisition through a $1.34bn equity raise, which included share sales via accelerated non-renouncable entitlement offers and qualified instituitional placements.

The rest of the acquisition was funded by a syndicated loan, which had many more lenders than required, indicating strong support for the acquisition from new and existing lenders. The refinancing will aid the company’s financial health and provide space for financial flexibility.

Saverglass CEO Jean-Marc Arrambourg said: “We at Saverglass are excited about this next chapter with the Orora Group. We are confident that Orora is the perfect partner for Saverglass to continue our development and leadership in the manufacture and decoration of high-end glass bottles for the wine and spirits market. We look forward to working together to further accelerate our growth trajectory.” 

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