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OFFON

AVERY DENNISON CORPORATION

(AVY)
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Avery Dennison Corporation completed the acquisition of Vestcom, Inc. from Charlesbank Equity Fund VIII LP, managed by Charlesbank Capital Partners, LLC, HarbourVest Partners, LLC and others.

08/31/2021 EST

Avery Dennison Corporation (NYSE:AVY) entered into an agreement and plan of merger to acquire Vestcom, Inc. from Charlesbank Equity Fund VIII LP, managed by Charlesbank Capital Partners, LLC, HarbourVest Partners, LLC and others for $1.5 billion on July 27, 2021. The $1.45 billion cash transaction is subject to certain closing and post-closing adjustments. The transaction will be funded with $200 million of cash on hand $450 million of borrowings under credit facility and/or from the issuance of commercial paper and the net proceeds from a offering. Upon completion of the transaction, Vestcom will operate as a wholly owned subsidiary and will be a standalone business unit within Avery Dennison's Retail Branding and Information Solutions division. Vestcom generates approximately $400 million in annual revenue. The transaction is subject to regulatory approvals, all applicable waiting periods (and any extensions thereof) under the HSR Act, shall have expired or been terminated, The Buyer shall have received an executed counterpart to the Escrow Agreement, signed by the Seller Representative, The Buyer shall have received an executed counterpart to the Payment Agent Agreement, signed by the Seller Representative and other customary closing conditions. The consummation of the Merger is not subject to any financing contingency. The transaction is expected to close in the third quarter of 2021. The acquisition is expected to be accretive to Avery's 2022 EPS, net of purchase accounting amortization and financing costs and accretive to Avery?s EBITDA margin. Goldman Sachs & Co. LLC acted as the financial advisor and Steve Stokdyk, David Zaheer, Larry Stein, Will Kessler, Holly Bauer, Sandhya Chandrasekhar, David Kuiper, Aron Potash,Kim Boras, Joshua Holian Peter Todaro, Elizabeth Oh, Brent Epstein and Drew Levin of Latham & Watkins LLP acted as the legal advisor to Avery Dennison. Robert W. Baird & Co. Incorporated, Jefferies LLC and RBC Capital Markets, LLC acted as the financial advisor, while Joseph Bernardi, James Curley, David Patton, Tim Holahan, Nathan Brodeur,Andy Barton and Fred Lim of Goodwin Procter LLP acted as the legal advisor to Charlesbank and Vestcom. Jim Langston of Cleary Gottlieb acted as advisor to Goldman Sachs in the transaction. Avery Dennison Corporation (NYSE:AVY) completed the acquisition of Vestcom, Inc. from Charlesbank Equity Fund VIII LP, managed by Charlesbank Capital Partners, LLC, HarbourVest Partners, LLC and others on August 31, 2021.


ę S&P Capital IQ 2021
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11/01INSIDER SELL : Avery Dennison
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11/01Berenberg Bank Adjusts Avery Dennison PT to $255 From $250, Maintains Buy Rating
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10/28Avery Dennison Maintains Quarterly Cash Dividend at $0.68 a Share, Payable Dec. 15 to S..
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Analyst Recommendations on AVERY DENNISON CORPORATION
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Financials (USD)
Sales 2021 8 348 M - -
Net income 2021 733 M - -
Net Debt 2021 2 670 M - -
P/E ratio 2021 23,6x
Yield 2021 1,30%
Capitalization 17 028 M 17 028 M -
EV / Sales 2021 2,36x
EV / Sales 2022 2,16x
Nbr of Employees 31 765
Free-Float 66,3%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 205,66 $
Average target price 230,25 $
Spread / Average Target 12,0%
EPS Revisions
Managers and Directors
Mitchell R. Butier Chairman, President & Chief Executive Officer
Gregory S. Lovins Chief Financial Officer & Senior Vice President
Nicholas R. Colisto Chief Information Officer & Vice President
Julia A. Stewart Independent Director
Kenneth C. Hicks Independent Director
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