EY Law Österreich (Pelzmann Gall Größ Rechtsanwälte GmbH) together with Gattai, Minoli, Agostinelli & Partner advised the Italian investment holding Italmobiliare S.p.A. and its packaging subsidiary SIRAP Gema S.p.A on the sale of the packaging company Petruzalek GmbH, headquartered in Austria and with subsidiaries in 12 countries in Central and Eastern Europe, as well as the German subsidiary Sirap GmbH to Irish Zeus Packaging Group.
Petruzalek was founded in 1961 and is active in the manufacturing and trading of food and non-food packaging technology throughout Europe. In addition to packaging machines, the product range also includes recyclable, renewable and compostable materials. The group recently achieved annual sales of around EUR 58 million.
The transaction is expected to close in the 2nd quarter of 2021 after the customary conditions precedent will have been fulfilled. For further information, see the press release at https://www.petruzalek.at/petruzalek-zeus.
The in-house team at Italmobiliare S.p.A. and SIRAP Gema S.p.A managed the transaction from their headquarters in Verolanuova (Brescia), relying on their regular Italian advisor Gattai, Minoli, Agostinelli & Partner, who worked with a team led by partner Federico Bal (M&A).
EY Law advised on negotiating the purchase agreement, pre-closing reorganizations in Germany and other local aspects. The team of EY Law was led by Georg Perkowitsch (Partner, M&A, Corporate; Vienna) and consisted of Clara Kreuzbauer (Associate M&A, Corporate; Vienna), Martina Wimmer (Associate M&A, Corporate; Vienna) as well as Jan Feigen (Partner, M&A; Hamburg), Sylvia Semkovicz (attorney, M&A, Corporate; Hamburg) and Sandra Gómez Gracia (associate M&A, Corporate; Hamburg).
The buyer Zeus Packaging was advised by BPV Huegel led by partner Elke Napokoj (M&A, Coporate, Vienna).