PR88917

NEW YORK, April 8, 2021 /PRNewswire=KYODO JBN/ --

LEADING EUROPEAN PACKAGING BUSINESS TO BECOME INDEPENDENT COMPANY

CROWN HOLDINGS, INC. TO RETAIN 20% OWNERSHIP INTEREST

NEW COMPANY TO FOCUS ON GROWTH IN FOOD AND CONSUMER PRODUCTS MARKETS

KPS Capital Partners, LP ("KPS") today announced that it has signed a

definitive agreement to acquire the Europe, Middle East and Africa food,

aerosol and promotional packaging business (the "EMEA Food and Consumer

Packaging Business" or the "Company") from Crown Holdings, Inc. (NYSE: CCK,

"Crown") for EUR 2.25 billion (approximately $2.7 billion). Crown will retain

20% ownership of the Company. The transaction is expected to close in the third

quarter of 2021 and is subject to customary closing conditions and approvals.  

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The EMEA Food and Consumer Packaging Business is the largest manufacturer of

steel and aluminum food packaging in Europe and is a leading manufacturer of

aerosol and promotional packaging. The Company is critical to the European food

supply chain and has hundreds of global and regional food and consumer products

customers. The Company's products are highly sustainable and help to prevent

food waste and drive higher rates of recycling. The EMEA Food and Consumer

Packaging Business has approximately 6,300 employees across 44 manufacturing

facilities in Europe, the Middle East and Africa, and generates annual revenue

of approximately EUR 2.0 billion.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "We are

excited to acquire one of the largest metal packaging businesses in Europe. The

size and scale of the business, the breadth of its products and its critical

food safety technology and process disciplines developed over decades, coupled

with growing end-markets, are the foundation of a tremendous investment

platform. We thank Mr. Donahue and Crown for their confidence in KPS and trust

in our stewardship of the extraordinary business they have built. We look

forward to working constructively with all of the business's stakeholders to

build a vibrant and thriving new company.  KPS will leverage its decades of

global manufacturing experience to create an entrepreneurial culture centered

on innovation and continuous improvement, while providing the financial

resources to invest in commercial and operational excellence and industry

leading customer service."

Timothy Donahue, Chief Executive Officer of Crown, said, "We are very pleased

that the European Tinplate business will have a strong owner in KPS Capital

Partners to support future profitable growth and innovation initiatives.

European customers and consumers alike have long embraced metal packaging,

valuing the premium product protection and flavor preservation that it offers.

We are excited to retain a minority stake in the business alongside KPS as

Crown shareholders will benefit from the KPS team and its track record of

owning manufacturing companies and creating tremendous value."

Rothschild & Co is acting as lead financial advisor and Paul, Weiss, Rifkind,

Wharton & Garrison LLP is serving as legal counsel to KPS and its affiliates.

Barclays and UBS are also acting as financial advisors to KPS and its

affiliates. Debt financing to support the transaction is being led by Barclays

and Deutsche Bank along with BNP Paribas, Credit Suisse and UBS Investment

Bank.

About the EMEA Food and Consumer Packaging Business

The EMEA Food and Consumer Packaging Business is the largest manufacturer of

steel and aluminum food packaging in Europe and is a leading manufacturer of

aerosol and promotional packaging. The Company is critical to the European food

supply chain, with hundreds of global and regional food and consumer products

customers. The Company's products are highly sustainable, helping to prevent

food waste and drive high rates of recycling. With approximately 6,300

employees across 44 manufacturing facilities in Europe, the Middle East and

Africa, the EMEA Food and Consumer Packaging Business generates annual revenue

of approximately EUR 2.0 billion.

About Crown Holdings, Inc.

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of

rigid packaging products to consumer marketing companies, as well as transit

and protective packaging products, equipment and services to a broad range of

end markets. World headquarters are located in Yardley, Pennsylvania. For more

information, visit www.crowncork.com.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS

Special Situations Funds, a family of investment funds with over $12.3 billion

of assets under management (as of December 31, 2020). For nearly three decades,

the Partners of KPS have worked exclusively to realize significant capital

appreciation by making controlling equity investments in manufacturing and

industrial companies across a diverse array of industries, including basic

materials, branded consumer, healthcare and luxury products, automotive parts,

capital equipment and general manufacturing. KPS creates value for its

investors by working constructively with talented management teams to make

businesses better, and generates investment returns by structurally improving

the strategic position, competitiveness and profitability of its portfolio

companies, rather than primarily relying on financial leverage. The KPS Funds'

portfolio companies have aggregate annual revenues of approximately $10.6

billion, operate 159 manufacturing facilities in 22 countries, and have

approximately 34,000 employees, directly and through joint ventures worldwide.

The KPS investment strategy and portfolio companies are described in detail at

www.kpsfund.com.

SOURCE KPS Capital Partners, LP

CONTACT: David Wells, Prosek Partners, Catherine Johnson, Prosek Partners,

+1-646-818-9287