20151217 Strategic Partnership with funds affiliated with Apollo

Airopack Technology Group AG
Strategic Partnership with funds affiliated with Apollo Global Management
Baar, 17th December 2015 – Airopack Technology Group AG (“ATG”) is pleased to announce it has entered into a
strategic partnership with funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (together
with its consolidated subsidiaries, “Apollo”). Apollo is a pre-eminent alternative investment manager with a track
record of investment in industry-leading companies.
Funds managed by affiliates of Apollo (the “Apollo Funds”) have committed to support the long-term growth of
the Airopack® business through a mix of debt and equity investments totalling up to a maximum of €120 million,
through a maximum of €80 million secured debt financing and a €40 million equity investment (the
“Transaction”). The investment will primarily be used to finance capital expenditures, working capital, and, to a
lesser extent, the buy-out ATG’s joint venture partner in Airolux AG (the “Buy-out”). Both ATG and the Apollo
Funds believe that together they can accelerate the growth potential of Airopack by improving the time to
market, reducing costs, and enhancing the organizational footprint.
The Apollo Funds’ equity investment will be made through an ATG ordinary share capital increase at an issue price
of CHF 11.22, subject to certain adjustments, and subject to the requisite approvals by ATG’s shareholders in a
general meeting to be scheduled in Q1 2016. As part of the Transaction, the shareholders will also be asked to
approve conditional share capital in order to grant the Apollo Funds warrants entitling them to purchase at
nominal value 10% of the shares outstanding in ATG, calculated post completion of the capital increase. Q-Invest
B.V., ATG's largest shareholder, has committed to vote in favour of the Transaction.
The Transaction is subject to the execution of the Buy-out, on which discussions with ATG’s joint venture partner
have been initiated, and other customary closing conditions. ATG currently intends to continue its cooperation
with its joint venture partner on the supply of PET preforms and container parts.
The company will communicate further details on the Transaction as soon as reasonably practicable
Commenting on the announcement, Quint Kelders, CEO of ATG stated: “We are extremely excited to be entering
into a partnership with Apollo to enable Airopack® to achieve its unique growth potential. Apollo is a strong
partner that will provide us with additional investments and strategic support which is required to meet today’s
and future expectations of our customers. Together with Apollo we can further revolutionize the packaging
industry by making dispensers cleaner, safer and cheaper.”
Robert Seminara, Senior Partner for Apollo Private Equity, commented: “Given our deep heritage of investing in
leading packaging companies, we are very excited to be partnering with Quint and the rest of the management
team to expand Airopack’s global footprint.” Ralf Ackermann, Partner in Apollo Credit, added: “We are very
pleased to enter into this transaction with ATG which draws upon Apollo’s deep expertise across the firm’s
integrated platform and enables Quint and his team to build on Airopack’s success.”
ATG have retained Greenhill & Co. as sole financial adviser for the transaction and are additionally being advised
by Citadel International and OXEYE Advisors as well as Heron Legal, Froriep and Bryan Cave concerning Dutch,
Swiss and English law respectively.
For more information:
Airopack Technology Group AG
Quint Kelders, CEO / Frans van der Vorst, CFO
Zugerstrasse 76b
CH-6340 Baar
TF: +31 416 300 800
E-Mail: [email protected] / [email protected]
www.airopackgroup.com
Press inquiries:
Rob Okhuijsen
+31 6 46651127
[email protected]
About Apollo Global Management
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston,
Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Shanghai and
Hong Kong. Apollo had assets under management of approximately $162 billion as of September 30, 2015 in
private equity, credit and real estate funds invested across a core group of nine industries where Apollo has
consideration knowledge and resources. For more information about Apollo, please visit www.agm.com.
Airopack Technology Group AG is a leading developer and supplier of mechanical and pressure-controlled dispensing packaging technologies and systems for
manufacturers and suppliers of cosmetics, body care, pharmaceutical and food products. The revolutionary and worldwide patented Airopack® technology offers a
safe, all-plastic pressurized dispenser that is environmentally friendly: no inhalation risks, no propellants and no unnecessary waste. Unlike other pressurized
dispensers that use propellants Airopack® uses just normal compressed air which results in dispensing a formulation at constant pressure from start to finish.
Airopack Group does not only offer this patented technology but also has a Full-service operation. With this Full-service operation Airopack Group provides a turnkey
solution to quickly and easily launch customer products in Airopack®. Via the unique Full-service operation Airopack Group can mould, assemble, sleeve or label, fill
and pack Airopack® to customer's specifications. In addition Airopack Group has a highly experienced laboratory for formulation development and bulk production to
ensure the best quality and control.
Within the context of a joint venture (Airolux AG) with Resilux, the Airopack Technology Group operates a manufacturing facility in Glarus Nord, Switzerland, a Fullservice operation in Belgium, global R&D and customer service facility in Waalwijk, the Netherlands and a sales office in Pendergrass, Georgia, United States of
America. With deliveries to the world’s largest and leading consumer brands, Airopack Technology Group reached a key milestone in 2015 with respect to commercial
market entry. The shares of the company are listed on the Swiss Reporting Standard of the SIX Swiss Exchange since 2010. (Ticker: AIRN / ISIN: CH0242606942).
Airopack Technology Group AG
Frans van der Vorst, CFO
Zugerstrasse 76B
6340 Baar
Switzerland
T +41 41 766 35 00
E [email protected]
www.airopackgroup.com