The transaction was carried out through the company Vinaria Purcari SRL entirely held by Purcari Wineries.
Vinaria Purcari SRL, a wholly owned subsidiary of Purcari Wineries PLC, announced in August 2020 its intention to sell its 31.41% stake in Glass Container Company SA to Vetropack Group, but did not mention the price. Vetropack Group wholly acquired Glass Container Group, consisting of GCC and Glass Container Prim.
“On 09.12.2020, Vinaria Purcari SRL, a wholly owned subsidiary of Purcari Wineries PLC, has exited Glass Container Company (“GCC”) for a cash consideration of EUR 7,224,093 to Vetropack Group, a leading Swiss corporate group in the European glass packaging industry. Vetropack Group has purchased Glass Container Group, consisting of GCC and Glass Container Prim (“GCP”),” Purcari Wineries said in a stock market announcement.
The announcement also says that “furthermore, Vinaria Purcari SRL, along with all other shareholders of Glass Container Group (“The Seller”), may or may not be entitled in 2021-2022 to additional performance payments which could effectively increase the value of the asset sold. As well under the Sales Agreement, the Seller have provided Representations, Warranties, and Indemnities to Vetropack Group, thus, in case of adverse effects it might be liable for paying certain compensations.”
Purcari manages some 1.400 hectares of vineyards and operates four production platforms in Romania and the Republic of Moldova. The group is leader on the premium wine segment in Romania, with a nearly 25% market share, and the largest wine exporter in Moldova, with deliveries to over 30 countries.
The company has a market capitalization of RON430 million on the Bucharest Stock Exchange after WINE shares dropped 1.3% since the beginning of 2020, amid deals worth RON87 million.
Vetropack is a leading Swiss corporate group in the European glass packaging industry.