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Paper Recycling July 06, 2021 09:30:52 PM

Cascades Reached Agreement to Sell Controlling Stake in RDM Group

Paul Ploumis
ScrapMonster Author
The transaction is expected to be completed in Q3 this year, subject to customary closing conditions and necessary approvals.

Cascades Reached Agreement to Sell Controlling Stake in RDM Group

SEATTLE (Scrap Monster): Kingsey Falls, Quebec-based Cascades Inc. announced that it has entered into an agreement with an affiliate of funds managed by the Apollo Global Management, Inc. to sell its 57.6% equity stake in Reno De Medici S.p.A. (RDM) for an all-cash price of €1.45 per share, which corresponds to a total net cash consideration of approximately €315.3 million. The transaction is expected to be completed in Q3 this year, subject to customary closing conditions and necessary approvals.

The announcement marks the end of Cascades’ 35-year long successful operating history in Europe. The company intends to focus on its North American operations and the divestiture is part of that strategic plan. The company thanked the Reno management team and its employees for the successful and positive partnership over the past several years.

Mario Plourde, President and Chief Executive Officer stated that the monetization reflects the company’s commitment to create long-term value for the company and its valuable shareholders. The proceeds from the transaction will be used to support ongoing strategic modernization initiatives and key projects, he added.

The financial advisor to Cascades in the transaction was Rothschild & Co, whereas Jones Day acted as legal advisor. The legal advisors for Apollo were Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison.

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