GPA Global, the packaging maker controlled by Ontario Teachers’ Pension Plan Board, is acquiring French rival Cosfibel Group to add products used by luxury brands from L’Oreal to Chanel.
The transaction brings GPA manufacturing facilities in Spain, Portugal and Belgium, according to a statement, which confirmed an earlier Bloomberg News report. Financial details weren’t disclosed.
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, founded by Alain Chevassus in 2001, 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 and has a team of more than 200 people.
“We are impressed by Cosfibel’s superior design capabilities and strong reputation,” Raju Ruparelia, a senior managing director at Ontario Teachers, said in the statement. “Ontario Teachers is excited to see GPA continue to execute on its growth strategy by acquiring high-quality assets and partnering with strong management teams.”
Ontario Teachers’ private capital team in Asia led the investment in GPA. Since then, it has used GPA to acquire California-based Jenco Productions to boost its US business and give it a presence in Mexico.
