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    CAS   CA1469001053

CASCADES INC.

(CAS)
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Cascades Completes the Sale of its Equity Position in RDM Group

10/26/2021 | 10:31am EST

KINGSEY FALLS, QC, Oct. 26, 2021 /CNW Telbec/ - Cascades inc. (TSX: CAS) announces that it has completed the sale of its 57.6% equity stake in Reno De Medici S.p.A. (BIT: RM) ("Reno de Medici", or "RDM Group"), previously announced July 5, 2021, to a subsidiary of funds managed by subsidiaries of Apollo Global Management, Inc. (NYSE: APO) for an all-cash price of €1.45 per share corresponding to a total cash consideration of approximately €315.3 million (approximately CAN$ 461 million, before transaction related fees).

The selling price represents a multiple of approximately 11x of the adjusted operating income before depreciation of Reno De Medici for the last 12 months as of June 30, 2021.

"This transaction will create long-term value for the Company and our shareholders," stated Mario Plourde, President and CEO. "Strategically, exiting our Boxboard Europe segment is aligned with our plan to focus on strengthening the competitive positioning of our core North American packaging and tissue papers business operations. To this end, proceeds from the divestiture will not only support ongoing strategic modernization initiatives and key projects but will also allow Cascades to strategically return capital to shareholders and proactively manage our debt profile."

Rothschild & Co acted as financial advisor to Cascades in this transaction and Jones Day acted as legal advisor. Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors for Apollo.

Founded in 1964, Cascades offers sustainable, innovative and value-added solutions for packaging, hygiene and recovery needs. The company employs 11,700 women and men in 85 production units in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.

Cision
View original content:https://www.prnewswire.com/news-releases/cascades-completes-the-sale-of-its-equity-position-in-rdm-group-301408814.html

SOURCE Cascades Inc.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2021 4 143 M 3 249 M 3 249 M
Net income 2021 75,6 M 59,3 M 59,3 M
Net Debt 2021 1 249 M 979 M 979 M
P/E ratio 2021 18,1x
Yield 2021 2,98%
Capitalization 1 355 M 1 058 M 1 062 M
EV / Sales 2021 0,63x
EV / Sales 2022 0,60x
Nbr of Employees 9 700
Free-Float 83,6%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 13,43 CAD
Average target price 19,00 CAD
Spread / Average Target 41,5%
EPS Revisions
Managers and Directors
Mario Plourde President, CEO & Non-Independent Director
Allan Hogg Chief Financial Officer & Vice-President
Alain Lemaire Executive Chairman
Dominic Doré Chief Supply Chain & Information Officer
Élise Pelletier Independent Director
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