CCL Industries Completes Acquisition of 100% of Middle East Venture

TORONTO, ON / ACCESSWIRE / June 10, 2024 / CCL Industries Inc. has announced the acquisition of the remaining 50% equity interest in its Middle East joint venture, Pacman-CCL, from Albwardy Investment LLC, headquartered in Dubai.

PCCL, based in Dubai, operates additional facilities in Oman, Egypt, Saudi Arabia, and Pakistan. Sales for the first four months of 2024 were approximately $34 million with $14 million of adjusted EBITDA. The acquisition is valued at roughly $143 million, funded entirely in cash, and free of debt.

Geoffrey T. Martin, President and CEO of CCL Industries, expressed enthusiasm about gaining full control of their Middle East operations and extended gratitude to their partner, Albwardy Investment LLC, for their collaboration.