CCL Industries Acquires Two Businesses from Avery Dennison

CCL Industries Inc. (CCL), a specialty label and packing solution company, recently completed its acquisition of Avery Dennison Corporation's Office & Consumer Products (OCP) and Designed & Engineered Solutions (DES) businesses in a global deal for a debt-free cash purchase price of US$500 million, subject to customary post-closing adjustments. The OCP business will trade as “Avery” as a publicly reportable operating segment of CCL. The DES business will be integrated into the CCL Label reporting segment.

CCL operates 87 production facilities in 25 countries with corporate offices in Toronto, Ontario, and Framingham, Massachusetts. CCL Label is the world's largest converter of pressure sensitive and film materials for a wide range of applications.

Avery is a global leader in labeling and packaging materials and solutions whose applications and technologies are an integral part of products used in every major market and industry. Headquartered in Pasadena, California, Avery operates in more than 50 countries and has 30,000 employees worldwide.

Avery was represented by Latham & Watkins LLP with a team lead by Los Angeles-based lawyers Jeffrey Kateman and Jason Silvera. In Canada, Avery was represented by Dentons Canada LLP with a team led by Chris Turney, which included Mark Mahoney and Christina Luison.

CCL's legal transaction team was represented in the United States by Warner Norcross & Judd LLP with a team led by Stephen Kretschman, Stephen Waterbury and Michael Jones and included Robert Chovanec (labor and employment), Scott Hubbard (environmental), Robert Nolan (antitrust) and Kelly Clum-Matthysse (real estate). CCL was represented in Canada by McMillan LLP with a team led by Carl De Vuono (corporate) and included Paul Collins (securities) and William Rowlands (real estate).

In connection with the transaction, CCL entered into a new $700-million syndicated credit agreement with Bank of Montreal as agent. On the financing, CCL was represented by McMillan with a team led by Eric Friedman (financial services), which included Maria Sagan (financial services) and Michael Friedman (tax). The lenders were represented by Fasken Martineau DuMoulin LLP with a team led by Dave Johnson (banking and finance), which included Louise Kennedy (banking and finance), Dev Singh (banking and finance) and Christopher Steeves (tax).