CCL Industries Announces Bolt-On Transaction for CCL Design in Singapore

CCL Industries Inc. announced  it has acquired Zephyr Company (Private) Limited, a privately held company headquartered in Singapore, and its two Malaysian subsidiaries in Penang and Johor, purchasing 100% of the outstanding equity interest in the three entities in both countries from multiple private shareholders.

Zephyr is a leading label converter, focused on customers in the electronics industry. Sales in 2015 were approximately $36 million with an adjusted EBITDA estimated at $6 million. Purchase price consideration net of cash acquired, subject to customary completion adjustments, is estimated at $39 million and includes a large owned manufacturing facility in Singapore.

“We are delighted to welcome CS Ko and his deeply experienced people to CCL,” said Geoffrey T. Martin, president and CEO of CCL. “Zephyr will immediately change its trading identity to CCL Design and continue to focus on the electronics industry in South East Asia. These new geographies for CCL are important for the development of our overall business in Asia, complementing our strong presence in the electronics industry in China following the acquisition of Worldmark in 2015.”