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Guala Closures to acquire Astir Vitogiannis for €136 million
In a move designed to expand its presence in the beer market Guala will acquire crown closures manufacturer Astir Vitogiannis.
Guala Closures has confirmed it has signed an agreement to buy Astir Vitogiannis (which has production units in Greece and South Africa) as part of a bid to strengthen its position in the beer sector.
According to Guala, the agreed enterprise value for the acquisition is approximately €136 million.
A leading manufacturer of crown closures often found atop glass beer bottles, Astor Vitogiannis makes more than 12 billion closures per year and generated a turnover of €75 million and an EBITDA of €19 million in the year ended 2023.
Established in 1953, its client roster already includes major international beer producers, as well as non-alcoholic beverage makers, opening up new channels for Guala, which already specialises in the production of closures for spirits and wines.
CEO Stelios Vitogiannis will retain his current role within the business, reporting to Guala Closures CEO Mauro Caneschi.
Synergistic acquisitions
Guala said the Astir deal was in line with its strategy of “pursuing and successfully integrating synergistic acquisitions to profitably grow the business.”
“We are excited to be entering the crown closures market through the acquisition of Astir, a leading international company at the forefront of its industry with an excellent track record, thanks to its strong management team and long-term strategic vision,” said Mauro Caneschi.
“The acquisition represents a further important step in the Group’s growth strategy of strengthening its market position in glass bottle closures, alongside the goal to continue growing the business in exciting international markets and within the luxury sector.”
Stelios Vitogiannis, CEO of Astir, stated: “Over the last 50 years, Astir has consistently grown, becoming a leader in the crown closures segments. The entry of Guala Closures will enable the Company to further expand its range of operations, becoming a platform for consolidation within its sector. I am very pleased to begin this new journey with a partner that has set itself very ambitious goals, while ensuring continuity for the management team.”
The sale is subject to standard closing conditions, including applicable regulatory approvals, and is expected to close in H2 2024.