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Completion of the acquisition of Letica Group

13th Mar 2017 07:00

RNS Number : 2119Z
RPC Group PLC
13 March 2017
 

13 March 2017

RPC Group Plc

("RPC" or the "Company")

Completion of the acquisition of Letica Group

RPC, a leading international design and engineering company of plastic products for both packaging and selected non-packaging markets, is pleased to announce the completion of the acquisition of Letica Group ("Letica"), details of which were announced on 9 February 2017 (the "Acquisition"). Letica's financial performance continued to improve from the year ended June 2016, generating unaudited sales of $455m and adjusted EBITDA of $67m1 for the twelve months ended 31 December 2016. The up-front consideration paid to Letica's shareholders represents a multiple of 7.3 times Letica's adjusted EBITDA for the year ended 31 December 2016.

Pim Vervaat, Chief Executive of RPC, commented:

"We are delighted to complete the acquisition of Letica and look forward to welcoming our new colleagues into RPC. This is another important step in the implementation of our Vision 2020 strategy allowing RPC to create a meaningful presence in North America through a well-invested platform with leading positions in growing end markets."

 

For further information, please contact:

RPC Group Plc:

+44 (0)1933 410064

Pim Vervaat, Chief Executive

Simon Kesterton, Group Finance Director

FTI Consulting:

+44 (0)20 3727 1340

Richard Mountain

Nick Hasell

 

1Adjusted EBITDA for the Letica Group is defined by RPC as reported EBITDA before capitalisation of certain expenses, stock valuation policy adjustments and non-recurring/other costs

The unaudited financial information of the Letica Group for the twelve months ended 31 December 2016 presented herein has been prepared for illustrative purposes only and may not necessarily be representative of the Letica Group's results for such period or any future period and should not be considered to provide an indication of any anticipated combined financial position or results of operations of RPC upon consolidation of the Letica Group

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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