The Canadian label and packaging giant says that it will buy the British supplier of the new plastic five pound notes for C$1.13 billion from The Smithfield Group. Epiris (formerly known as Electra Partners) is also selling a portion of the stake after investing €40 million in Innovia in 2014. CCL Industries expects Innovia to produce net revenue of around C$570 million for 2017 and pro-forma annual sales are predicted to exceed C$5 billion post-sale by the end of the first quarter in 2017. More generally, this Innovia acquisition forms part of a series of acquisitions of British companies by foreign companies who want to make the most out of the sterling slump after the EU referendum vote.

Firms advise 

Addleshaw Goddard advised CCL Industries. The Canadian giant has been a long-standing client of the firm for over 15 years. Partners Richard Lee and Shelley McGivern headed the team. Richard Lee said: 'We are delighted to have been able to extend our long-standing relationship with CCL through working with them on this transformative acquisition of such a significant North West based business.' White & Case advised The Smithfield Group again after having advised The Smithfield Group on buying Innovia in 2014. Private equity co-head Ian Bagshaw headed the team. Ian Bagshaw said: 'Our strong relationship with both organisations ensured we were ideally placed to support this strategically important transaction.' Partners Nicholas Greenacre, Lindsey Canning and Katarzyna Czapracka were also in the White & Case team. 

Sources: Reuters; Legal Business