Evergreen Hill Enterprise Pte. Ltd. completed the acquisition of Engineered Papers Business of Mativ Holdings, Inc..
November 29, 2023
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Evergreen Hill Enterprise Pte. Ltd. agreed to acquire Engineered Papers Business of Mativ Holdings, Inc. (NYSE:MATV) for $620 million on August 1, 2023. Evergreen Hill Enterprise Pte. Ltd. signed an agreement to acquire Engineered Papers Business of Mativ Holdings, Inc. on October 4, 2023. Evergreen Hill is expected to fund the proposed transaction with an existing cash balance and is not dependent on capital markets for financing. The gross sale price of $620 million reflects an approximate 6.5x multiple on EP?s trailing 12-month Adjusted EBITDA (as of June 30, 2023 quarter); trailing 12-month sales for EP were approximately $530 million. The proposed transaction will also be subject to customary closing conditions, including regulatory approvals and satisfaction of the consultation process with the applicable works councils in France, and is expected to close in the fourth quarter of 2023. Expected net transaction proceeds of approximately $575 million will be used primarily to reduce debt; net proceeds. Morgan Stanley & Co. LLC served as financial advisor and Rahul Patel and Michelle Stewart of King & Spalding LLP served as legal advisor to Mativ. Stuart Rogers of Alston & Bird represented Morgan Stanley & Co. LLC as financial advisor to Mativ Holdings, Inc. (NYSE:MATV). James P. Dougherty of Davis Polk & Wardwell LLP acted as legal advisor to Evergreen Hill Enterprise Pte. Ltd.
Evergreen Hill Enterprise Pte. Ltd. completed the acquisition of Engineered Papers Business of Mativ Holdings, Inc. (NYSE:MATV) on November 30, 2023. Engineered Papers Business reported a net sales of $530.5 million, operating profit of $91.6 million and net income of $62.3 million for the year ended December 31, 2022.
Mativ Holdings, Inc. is a specialty materials company. The Company manufactures globally through its family of business-to-business and consumer product brands. Its portfolio of technologies combines polymers, fibers, and resins to optimize the performance of its customers products across multiple stages of the value chain. Its segments include Filtration & Advanced Materials (FAM) and Sustainable & Adhesive Solutions (SAS). The FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets. The SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets including building and construction, DIY, product packaging, consumer and commercial paper.
MATIV HOLDINGS, INC. 
