Ardagh Metal Packaging SA and Gores Holdings V Announce Completion of Business Combination
LUXEMBOURG and LOS ANGELES, August 4, 2021 / PRNewswire / – Ardagh Metal Packaging SA (“AMP” or the “Company”), a leading supplier of sustainable and endlessly recyclable beverage cans and Gores Holdings V, Inc. (“Gores Holdings V” ) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by a subsidiary of The Gores Group, today announced the completion of their previously announced business combination (the “Business Combination” ). The amalgamated company will be called Ardagh Metal Packaging SA and will begin trading on the New York Stock Exchange on August 5, 2021 under the new ticker symbol “AMBP”. The business combination was approved at a special meeting of shareholders of Gores Holdings V on August 3, 2021.
As a global leader in providing sustainable and infinitely recyclable beverage cans, AMP is present in the Americas and Europe and is the second largest producer of cans in Europe and the third largest in the Americas. AMP is the only pure-play beverage can company listed in scale and believes that strong demand in traditional and new beverage categories, coupled with environmentally conscious end consumers, is driving an inflection point in demand for beverage cans and creating multifaceted growth opportunities that AMP is well positioned to take advantage of.
“AMP is uniquely positioned to see the continued benefits of long-term sustainability megatrends and changing consumer preferences,” said Paul Coulson, Chairman of AMP and Chairman and CEO of Ardagh Group SA “AMP has a clear growth roadmap for the future as we invest to support the growth of our clients. attributes and Ardagh Group intends to remain a committed and long-term majority shareholder as AMP continues to grow. “
“We are delighted to have completed our merger with Gores Holdings V. Over the past five years, our company has strengthened its position as one of the world’s leading beverage can producers, through our agility and foresight to exploit emerging consumer and market trends, “mentioned Olivier Graham, CEO of AMP. “AMP’s accelerated growth strategy is timely and strengthens our connection with our customers and end consumers, as the demand for sustainable beverage cans continues to grow. our stakeholders. ”
Alec Gorès, Chairman and CEO of The Gores Group and Chairman of Gores Holdings V, said, “AMP has established itself as the preeminent pure play beverage can company, and today’s milestone marks the next step in growth of the company. As an autonomous public company, AMP is well placed to strengthen its market leadership by capitalizing on its significant expansion opportunities in a context favorable to a dynamic demand for sustainable products. ”
“AMP’s relentless focus on product innovation and meeting customer needs have contributed to its rapid success to date, uniquely positioning it as one of the only companies in the industry to scale. “, said Brand Pierre, Senior Managing Director of The Gores Group and CEO of Gores Holdings V. “Consumers around the world continue to become increasingly environmentally conscious, and AMP’s entry into public markets will consolidate its leadership position by offering highly differentiated and 100% sustainable products. to a worldwide customer base. ”
Following the business combination, AMP received approximately $ 1.0 billion raw product. Ardagh Group will retain an approximate 82% stake in AMP and, as mentioned above, intends to remain a committed long-term majority shareholder of the company.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC acted as financial and capital market advisers to Gores Holdings V and as joint lead investment agents on PIPE. Weil, Gotshal & Manges, LLP and Loyens & Loeff NV acted as legal advisers to Gores Holdings V.
Citigroup acted as sole financial advisor to Ardagh and as joint lead placement agent on PIPE. Shearman & Sterling LLP acted as legal counsel to Ardagh.
About Ardagh Metal Packaging
Ardagh Metal Packaging (NYSE: AMBP) is one of the world’s leading suppliers of endlessly recyclable, durable, and brand-owner cans and metal tips. A subsidiary of the sustainable packaging company Ardagh Group, AMP is a leading player in the industry through Europe and the Americas with innovative production capacities. AMP operates 23 production sites in nine countries, employs nearly 5,000 people and has sales of approximately $ 3.5 billion in 2020.
About the Ardagh group
Ardagh Group (NYSE: ARD) is a leading global provider of endlessly recyclable and sustainable metal and glass packaging solutions for brand owners worldwide. Our substrates include metal beverage cans and glass beverage and food containers. Ardagh operates 57 metal and glass production facilities in 12 countries, employing over 16,000 people with an annual turnover of approximately $ 7 billion.
About Gores Holdings V, Inc.
Gores Holdings V is a special purpose acquisition company sponsored by an affiliate of The Gores Group for the purpose of completing a merger, acquisition or similar business combination. Gores Holdings V completed its initial public offering on August 2020, increasing by about $ 525 million cash. Gores’ strategy is to identify and complete business combinations with market-leading companies with strong equity histories that will benefit from the growth capital of public equity markets and will be reinforced by experience and the expertise of Gores’ long history and track record of investing in and operating businesses for over 35 years. To date, The Gores Group subsidiaries have announced or entered into eight business combinations representing $ 38 billion in transaction value which include: Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II, Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos, Inc.), United Wholesale Mortgage ( Gores Holdings IV, Inc.), Ardagh Metal Packaging (Gores Holdings V, Inc.), Matterport (Gores Holdings VI, Inc.) and Sonder (pending; Gores Metropoulos II, Inc.).
About Gores Group, LLC
Founded in 1987, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from in-depth industry knowledge and decades of experience. Gores Holdings V and The Gores Group are separate entities with separate management, although there is an overlap in terms of size and target acquisition area and personnel involved. For more information, please visit www.gores.com.
This press release includes “forward-looking statements” within the meaning of Section 27A of the US Securities Act and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release does not constitute a guarantee of future events and that actual events may differ materially from those contained or suggested by the forward-looking information contained in this press release. Any forward-looking information presented in this document is made only as of the date of this press release, and we assume no obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unforeseen or other events.
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SOURCE Ardagh Metal Packaging SA