Following an announcement in September of plans to acquire premium global glass business Saverglass SAS, Orora Limited has completed now the process through the acquisition of all of the shares of Olympe SAS, which means this outstanding business is now part of the Orora Group.
Saverglass is a global leader in the design, manufacturing, customisation and decoration of high-end bottles for the premium and ultra-premium spirit and wine markets, this represents a unique acquisition of a high-quality business, enhancing Orora’s strategic advantage, scale, diversification and its future growth opportunities.
Orora has funded the acquisition with the proceeds of its equity raising comprising an institutional placement and accelerated non-renounceable entitlement offer and extended Global Syndicated Facility Agreements. The debt maturity profile of the group is now 4.3 years.
Syndication of the debt facilities was heavily oversubscribed, reflecting the strong support from existing and new lenders to Orora and Saverglass. This refinance reinforces Orora’s debt capital structure whilst also providing financial flexibility.
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 attractive premium segments. I am thrilled that Saverglass is now officially part of the Orora Group, and I look forward to working with the Saverglass team, led by CEO Jean-Marc Arrambourg, as we embark on this next exciting chapter in our company journey.”