LUXEMBOURG and LOS
ANGELES, Aug. 4, 2021
/PRNewswire/ -- Ardagh Metal Packaging S.A. ("AMP" or the
"Company"), a leading provider of sustainable and
infinitely-recyclable beverage cans and Gores Holdings V, Inc.
("Gores Holdings V") (NASDAQ: GRSV, GRSVU and GRSVW), a special
purpose acquisition company sponsored by an affiliate of The Gores
Group, today announced the completion of their previously announced
business combination (the "Business Combination"). The combined
company will be named Ardagh Metal Packaging S.A. and will commence
trading on the New York Stock Exchange on August 5, 2021 under the new ticker symbol
"AMBP". The Business Combination was approved at a special meeting
of Gores Holdings V stockholders on August
3, 2021.
As a global leader in the supply of sustainable and infinitely
recyclable beverage cans, AMP has a leading presence in the
Americas and Europe and is the
second-largest beverage can producer in Europe and the third-largest in the Americas.
AMP is the only listed pure-play beverage can company of scale and
believes that strong demand in traditional and new beverage
categories, coupled with environmentally-conscious end consumers,
is driving an inflection point in beverage can demand and creating
multi-faceted growth opportunities which AMP is well-positioned to
capitalize on.
"AMP is ideally-positioned to see continued benefits from the
long-term megatrends of sustainability and changing consumer
preferences," said Paul Coulson,
Chairman of AMP and Chairman & CEO of Ardagh Group S.A. "AMP
has a clear growth roadmap for the future, as we invest in support
of our customers' growth. As a leading, pure play beverage can
producer, AMP has scale and excellent ESG attributes and Ardagh
Group intends to remain a committed, long-term majority shareholder
as AMP continues its growth journey."
"We are delighted to have completed our combination with Gores
Holdings V. Over the past five years, our business has grown its
position as one of the world's leading beverage can producers,
through our agility and foresight in tapping into emerging consumer
and market trends," said Oliver
Graham, CEO of AMP. "AMP's accelerated growth strategy is
timely and deepens our connection with our customers and end
consumers, as demand for sustainable beverage cans continues to
grow. We recently reported very strong second quarter results, and
confidently look forward to delivering further growth and
performance for all of our stakeholders."
Alec Gores, Chairman and CEO of
The Gores Group and Chairman of Gores Holdings V, said, "AMP has
established itself as the pre-eminent pure play beverage can
company, and today's milestone marks the Company's next stage of
growth. As a standalone public company, AMP is well-positioned to
strengthen its market leadership as it capitalizes on its
significant expansion opportunities amid favorable sustainable
product demand dynamics. We are thrilled to have partnered with
Paul, Oliver and AMP's high-quality management team and look
forward to AMP's continued success."
"AMP's relentless focus on product innovation and meeting
customers' needs have driven its rapid success to-date, uniquely
positioning it as one of the industry's only scaled companies,"
said Mark Stone, Senior Managing
Director of The Gores Group and CEO of Gores Holdings V. "Consumers
around the world continue to become increasingly
environmentally-conscious, and AMP's entry into the public markets
will solidify its leadership position as it delivers highly
differentiated, 100% sustainable products to a global customer
base."
Transaction Details
As a result of the Business Combination, AMP has received
approximately $1.0 billion gross
proceeds. Ardagh Group will retain a stake of approximately 82% in
AMP and, as mentioned above, intends to remain a committed
long-term majority owner of the business.
Advisors
Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
acted as financial advisors and capital markets advisors to Gores
Holdings V and as joint lead placement agents on the PIPE. Weil,
Gotshal & Manges, LLP and Loyens & Loeff N.V. acted as
legal advisors to Gores Holdings V.
Citigroup acted as exclusive financial advisor to Ardagh and
acted as joint lead placement agent on the PIPE. Shearman &
Sterling LLP acted as legal advisor to Ardagh.
About Ardagh Metal Packaging
Ardagh Metal Packaging (NYSE: AMBP), is a leading global
supplier of infinitely recyclable, sustainable, metal beverage cans
and ends to brand owners. A subsidiary of sustainable packaging
business Ardagh Group, AMP is a leading industry player across
Europe and the Americas with
innovative production capabilities. AMP operates 23 production
facilities in nine countries, employing close to 5,000 employees
and had sales of approximately $3.5
billion in 2020.
About Ardagh Group
Ardagh Group (NYSE: ARD) is a leading global supplier of
infinitely recyclable, sustainable metal and glass packaging
solutions for brand owners around the world. Our substrates
comprise metal beverage cans and glass beverage and food
containers. Ardagh operates 57 metal and glass production
facilities in 12 countries, employing more than 16,000 people with
annual sales of approximately $7
billion.
About Gores Holdings V, Inc.
Gores Holdings V is a special purpose acquisition company
sponsored by an affiliate of The Gores Group for the purpose of
effecting a merger, acquisition, or similar business combination.
Gores Holdings V completed its initial public offering in
August 2020, raising approximately
$525 million in cash proceeds. Gores'
strategy is to identify and complete business combinations with
market leading companies with strong equity stories that will
benefit from the growth capital of the public equity markets and be
enhanced by the experience and expertise of Gores' long history and
track record of investing in and operating businesses for over 35
years. To date, affiliates of The Gores Group have announced or
closed eight business combinations representing $38 billion in transaction value which include:
Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II,
Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos,
Inc.), United Wholesale Mortgage (Gores Holdings IV, Inc.), Ardagh
Metal Packaging (Gores Holdings V, Inc.), Matterport (Gores
Holdings VI, Inc.), and Sonder (pending; Gores Metropoulos II,
Inc.).
About The Gores Group, LLC
Founded in 1987, The Gores Group is a global investment firm
focused on partnering with differentiated businesses that can
benefit from the extensive industry knowledge and decades long
experience. Gores Holdings V and The Gores Group are separate
entities with separate management, although there is overlap in
size and industry of target acquisition and personnel involved. For
more information, please visit www.gores.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our
control. We caution you that the forward-looking information
presented in this press release is not a guarantee of future
events, and that actual events may differ materially from those
made in or suggested by the forward-looking information contained
in this press release. Any forward-looking information presented
herein is made only as of the date of this press release, and we do
not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
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SOURCE Ardagh Metal Packaging S.A.
