GPA Global, the packaging maker controlled by Ontario Teachers’ Pension Plan Board, is nearing a deal to acquire French rival Cosfibel Group to add products used by luxury brands from L’Oreal to Chanel, according to people familiar with the matter.
(Bloomberg) — GPA Global, the packaging maker controlled by Ontario Teachers’ Pension Plan Board, is nearing a deal to acquire French rival Cosfibel Group to add products used by luxury brands from L’Oreal to Chanel, according to people familiar with the matter.
An agreement could be announced as soon as Tuesday, the people said, asking not to be identified because discussions are private. The deal would give GPA manufacturing facilities in Spain, Portugal and Belgium, they said.
Acquiring Cosfibel will help GPA expand its presence in the beauty and food sector and boost its position in wine and spirits. The deal also helps it secure a European foothold to serve major high-end labels in the region, which has become more important as companies seek suppliers closer to home amid increasing logistical challenges.
Cosfibel, led by founder Alain Chevassus, makes packaging that’s used by more than 70 luxury brands including cognac maker Remy Martin, champagne label Veuve Clicquot and cosmetics producer Lancôme. The company generated around €100 million ($107 million) in sales last year.
The Ontario Teachers private capital team in Asia led the investment in GPA in September. Since then, it has used GPA to acquire California-based Jenco Productions to boost its US business and give it a presence in Mexico.
A representative for Ontario Teachers, also known as OTPP, declined to comment.
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