An agreement has been signed for the acquisition of Propak Ambalaj, which operates under the roof of Yıldız Holding company Gözde Girişim, by the world’s 3rd largest flexible packaging company Constantia Flexibles. Following the EUR 120 million worth agreement which was reported to Public Disclosure Platform (KAP), legal approvals will be obtained and the shares will be transferred.
Established in 1977 and having achieved a robust growth especially since it was acquired by Gözde Girişim in 2017, Propak Ambalaj will be sold to Constantia Flexibles, the world 3rd largest flexible packaging manufacturer.
According to the disclosure of Yıldız Holding’s capital venture company Gözde Girişim to Public Disclosure Platform (KAP), an agreement has been signed for the sale of the shares representing 100% of the total capital of Propak Ambalaj to Constantia Flexibles over a business capital of EUR 120 million. Following the sales agreement and the legal approvals, the sale will be finalized over the stock price to be calculated on the date of transfer. Pragma has acted as the exclusive financial advisor in this sales process.
Propak Ambalaj will continue its growth in the global market
With its experience of almost 45 years in the packaging industry, Propak operates as one of the leading printed flexible packaging companies of Turkey with flexo and rotogravure printing capabilities. Having further improved its manufacturing and innovation capabilities as well as gaining considerable value after being incorporated by Yıldız Holding’s venture capital company Gözde Girişim in 2017, Propak exports almost 70 percent of its products. Offering highest-quality products to over 100 customers in 24 countries including the UK, Germany, Belgium, the Netherlands, Luxembourg, France, and Scandinavia for years, Propak Ambalaj serves the entire world with its manufacturing facilities of more than 40 thousand square meters in size in Düzce and its 360 employees, without compromising on its sustainability principles.
Having signed an agreement to acquire Propak Ambalaj which receives considerable interest in the market thanks to its manufacturing capacity, powerful customer portfolio, and widespread distribution network, Constantia Flexibles currently operates in 16 countries with 37 facilities and almost 8 thousand 300 employees.
Mehmet Tütüncü: “Having grown along with our Holding, Propak Ambalaj will become a genuine global player within Constantia Flexibles”
Regarding the acquisition of Propak Ambalaj by Constantia Flexibles, Yıldız Holding CEO Mehmet Tütüncü said: “As we continue to focus on food and retail at Yıldız Holding as our main areas of operation, we also make investments through our venture capital company Gözde Girişim in areas where we see potential. We develop the companies we incorporate thanks to our powerful R&D, innovation, production, and distribution capacity and turn them into profitable investments. Propak Ambalaj is a very significant example in this respect. Having achieved significant growth especially since it was incorporated into Gözde Girişim, Propak currently has a production capacity of 300 million square meters for flexo and 236 million square meters for rotogravure. We have taken the first step to transfer Propak Ambalaj we acquired in 2017 to Constantia Flexibles as a more efficient and profitable company. As a result of its successful performance in recent years under the roof of Gözde Girişim, Propak Ambalaj will become a genuine global player within Constantia Flexibles which is the world’s 3rd largest flexible packaging company. We believe that Propak will gain further success in this new era and hope that this sales agreement will be greatly beneficial to all parties.”
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