Sphere Holdings is pleased to announce the successful conclusion of the sale of Consol Holdings to Ardagh Group, a leading global supplier of infinitely recyclable, sustainable metal and glass packaging for brand owners around the world.
This marks the successful culmination of a partnership between Sphere, Consol and private equity shareholders including Brait, Old Mutual and Sanlam which commenced in 2017, when Sphere became a significant minority shareholder in Consol.
The transaction also caps a successful funding partnership between Sphere and the Standard Bank Equity Finance & Investments team which has resulted in substantial value creation for both Sphere and Standard Bank, providing evidence of the partners’ commitment to sustainable deal structuring and risk reward sharing.
Itumeleng Kgaboesele, CEO, Sphere Holdings: “This is exactly the kind of opportunity-driven investment that Sphere seeks; one in which we can play an active role in supporting and adding value to management teams, and one that creates and delivers value for funders, shareholders and business partners. We wish Ardagh Group, and its new management team every success for the future.”