CCL Industries Adds Assets of Sennett Security Products

TORONTO, ON, CANADA | CCL Industries, a supplier of specialty label and packaging solutions for global corporations, small businesses, and consumers, has acquired certain assets of Sennett Security Products and the equity of its wholly owned subsidiary, Banknote Corporation of America, Greensboro, NC.

The new business will become the Security Products division of CCL Label and change its trading identity with immediate effect. The acquired operation manufactures specialty labels and other high security cards and documents for government applications, including postage stamps; passport components, identity cards, as well as anti-counterfeit track and trace labels for high value items in the durable goods industry.

Sales for 2015 are estimated at $35 million with forecast adjusted EBITDA of approximately $9 million. The debt-free, all-cash purchase price consideration is subject to certain customary post-closing adjustments and estimated at approximately $45 million.

Geoffrey T. Martin, president and CEO of CCL, says, "Security labels are one of the faster growing applications in our industry, so we are very pleased to have acquired a leading company in the field. We see many opportunities to build on this new platform in both domestic and international markets. I'm particularly pleased that Sandra Lane, who aggressively built the business her father founded over 20 years ago, and her talented management team, will stay on with us for the long term to lead this very important new initiative for CCL."

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