PwC Corporate Finance advises SARIA on its £564 million recommended cash acquisition of Devro plc
The UK and Netherlands PwC Corporate Finance teams are pleased to announce the completion of the £564 million recommended cash acquisition by SARIA of Devro plc. PwC acted as financial adviser to SARIA.
Devro was listed on the London Stock Exchange and is one of the world's leading suppliers of collagen-based edible films and coatings, used in the production of a wide variety of sausages and meat products.
The SARIA group is a German family-owned group with a wide range of products and services around the globe. Committed to the principles of the circular economy, the activities are centred around transforming organic resources into renewable energies and high-quality ingredients for new applications for the food, animal feed, pet food and pharmaceutical industries.
Devro’s product offering with its distinct focus on collagen-based casings is complementary to SARIA’s existing portfolio, which includes activities in the field of natural sausage casings. The integration of SARIA and Devro will accelerate the growth of both companies and promote the further development of their endeavours in product innovation, delivering a range of benefits to customers, suppliers, and employees.
Harald van Boxtel, Chief Executive Officer of SARIA group said:
“We are thrilled to have successfully completed the acquisition of Devro, which represents a strategic move towards expanding our product portfolio and strengthening our position in the global market."
“We were delighted by the support that we had from Jon and all of the PwC team. They were by our side from start to finish of the transaction and were critical in achieving a successful outcome.”
“The quality of advice that we received was first rate, their commitment was constant and, above all, we enjoyed working with them.”
Jon Raggett, Director, PwC Corporate Finance said:
“It has been a great privilege to advise the SARIA group on such a significant transaction, which demonstrates the depth of PwC’s capabilities in advising on public company takeover situations.
“Our sector insights and the strength in our international network enables us to provide the very best advice on complex cross-border transactions. The SARIA relationship is very important to PwC, and we look forward to continuing to support them as they achieve their growth ambitions.”
The PwC Corporate Finance team was led by Jon Raggett in the UK and Jorn van Etten and Benjamin Schuuring in the Netherlands and included Rachel Franklin, Daniel Jones, Oscar Davies and Shannon Balram in the UK; and Wybren van der Zee, Tim Engels, Pien Floberg and Philip Berends in the Netherlands.
PwC also provided financial due diligence services (Edgar van der Aart), pensions advisory (Steve Kirkpatrick and Katie Lightstone) and tax advisory services (Maarten Arends).
