constantia flexibles, one of europe&rsquos largest flexible packaging companies, has a new owner.parisbased wendel group announced 23 december that it agreed to buy constantia from one equity partners, which is new yorkbased jp morgan chase & co.&39s private equity firm, and the h. turnauer foundation.wendel is paying &euro2.3bn for the company, or around nine times estimated 2014 earnings before interest, taxes, depreciation and amortisation ebitda.constantia has grown rapidly under one equity&rsquos ownership. thomas unger, ceo of constantia flexibles, said in a news release &ldquoin recent years, constantia flexibles has developed from a regionally focused provider in europe into a globally active group present in the most attractive and fastest growing markets for flexible packaging. we have positioned the company outstandingly for further profitable growth, and we will be working with our new owner to realize this potential in the future.&rdquowendel expects to close on the purchase in the first half of 2015.viennabased constantia is one of the 40 largest european producers and converters of plastics film, according to european plastics news. one equity bought constantia packaging in 2010, then split the plastics unit from the aluminum and paperboard portion in 2011.constantia flexibles employs 8,000 at 42 production locations in 18 countries. in 2013 it posted ebitda of 233 million euros on sales of &euro1.63bn. according to one equity, since its investment, sales have by 73 and ebitda by 76.&ldquowe are very happy with the way that constantia flexibles has developed over the last five years under the ownership of oep,&rdquo said one equity managing director melchior von peter, in a news release.in north america, constantia has plants in blythewood, south carolina colmar, pennsylvania mason, ohio fulton, new york clarksville, tennessee. ontario, california san luis potosí, mexico monterrey, mexico, and cowansville, quebecthe h. turnauer foundation plans to remain a significant shareholder in constantia, and is discussing a potential reinvestment with wendel. constantia packaging was founded by herbert turnauer in the 1960s.wendel plans to expand the business through acquisitions. wendel chairman frédéric lemoine said in a release &ldquothe segment in which the company specializes, flexible packaging, is being buoyed by underlying, worldwide market trends, and in the future, constantia flexibles will be able to grow both by organic means and by acquisition, as the market is still very fragmented.&rdquo 
