Consumables

MONDI GROUP TO ACQUIRE 93.4% OF NORDENIA INTERNATIONAL AG

Wednesday 11. July 2012 - Mondi Group, a leading international paper and packaging company, is pleased to announce it has agreed to acquire 93.4% of the outstanding share capital of Nordenia International AG ("Nordenia" or the "Company") from funds managed by Oaktree Capital Management, L.P.1 ("Oaktree") and certain other minority shareholders for a total cash consideration of EUR240 million (the "Acquisition").

In addition, Mondi Group will assume EUR398 million of debt and debt-like liabilities2 implying an enterprise value for 100% of the Company of EUR655 million3.
Nordenia is an international supplier of innovative consumer packaging solutions and hygiene components with 12 fully invested operating facilities located in seven countries across Europe, North America and Asia. Additionally, a wholly owned greenfield plant currently being constructed in China is expected to begin operating in early 2014. Based on Nordenia’s EBITDA4 and EBIT4 for the year ended 31 December 2011 of EUR99 million and EUR70 million, respectively, the implied enterprise value equates to 6.6 times 2011 EBITDA and 9.3 times 2011 EBIT.
The EUR240 million cash consideration payable for the Acquisition will be funded from a new EUR250 million two year committed bank debt facility.
The Acquisition is expected to complete in the fourth quarter of 2012, subject to customary completion conditions including the approval of certain competition authorities.
Commenting on the Acquisition, David Hathorn, Chief Executive of Mondi Group, said:
“The acquisition of Nordenia offers Mondi Group a unique opportunity to create a leading consumer packaging business, build on long term customer relationships across both businesses and establish a platform to expand further in high-growth emerging markets”.