OENEO : ACQUISITION OF PORTUGUESE CLOSURES COMPANY PIEDADE GROUP - FOR AN EVEN STRONGER MARKET POSITION IN CORK BOTTLE CLOSURES

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Oeneo Group has announced the signing of a Promissory Shares Purchase Agreement of 100% of the capital of Portugal's key player manufacturer of cork closures, Piedade Group.

The combination of these 2 major players will lead to the creation of a unique technology driven cork supplier for the wine industry, with a global market share estimated at close to 20%.

The Portuguese entity is a perfect fit with the long-term strategic plan of Oeneo Group to reinforce its ranking as the world number 2 in cork closures and accelerate its growth.

 

Founded in 1963 by the Piedade family, the company offers a comprehensive product range, from very high-end traditional cork closures to a varied selection of technological closures. Distributed in over 40 countries, its main markets are notably in France, Portugal, Italy, Russia, Spain and the United States. With a headcount of more than 200 employees and a turnover in excess of €40 million, Piedade's current operating profit is largely positive but not as high as Oeneo's Closures division.

As well as an industrial resource based in the heart of the world's main cork-producing region that will facilitate its access to the raw material, Oeneo's Closures division will also benefit from the strategic synergies linked to the company's complementary product ranges and client portfolios.

Oeneo also intends to draw on Piedade's highly experienced teams, and the excellent relations that the company has forged with clients and suppliers over 50 years to cement its successful market development.

For Oeneo Group CEO, François Morinière: “10 years after the launch of the DIAM closure, this acquisition is a new and decisive step in OENEO's development on the closures market. We are proud to be joining forces with a family brand and company that is emblematic of Portugal's world-renowned know-how and expertise.”
The acquisition will be purchased entirely in cash and financed via a specific bank loan. Its definitive completion remains subject to the lifting of the standard suspensive conditions for this type of operation.

 

 

Oeneo Group will publish its turnover for the first quarter of 2015-2016

on 21 July after the markets have closed.

 

 

About Oeneo Group
Oeneo Group is a major wine industry player. It has a global presence and specializes in two complementary businesses:

  • Closures, involving the manufacture and sale of high value-added technological closures, including the DIAM closure, an innovation with no equivalent on the market.
  • Aging, providing high-end solutions for aging wines and spirits for leading market players and developing innovative solutions for the wine industry with Vivelys (R&D, consulting, systems).

 

 

About Piedade Group
Founded in 1963 by the Piedade family, the Piedade Group not only ranks amongst the world's leaders in technical closures, but is also the one of the only manufacturers worldwide to offer a comprehensive range of cork closures.

 

The company is currently owned by the founding Piedade family and the FRE fund managed by Portuguese private equity group, OxyCapital.

 

 

Contacts
Oeneo:
Philippe Doray +33 (0)1 44 13 44 39
Actus Finance: Guillaume Le Floch +33 (0)1 53 67 36 70 Analysts - Investors
Alexandra Prisa +33 (0)1 53 67 36 90 Media Relations

 


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Communiqués au titre de l'obligation d'information permanente :
- Activité de l'émetteur (acquisitions, cessions...)
Full and original press release in PDF:
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