Calvo´s employees are hopeful the sale will favour the factory Carballo. (Photo: Calvo/Stock File/FIS)

Bolton Group acquires 40 pc of Calvo

SPAIN
Monday, April 23, 2012, 23:30 (GMT + 9)

The Italian multinational company Bolton Internacional Group bought 40 per cent of the shares of the Spanish firm Calvo for about EUR 125 million.

More than EUR 69 million will be divided among Novagalicia Bank (50 per cent), Civic Banking (25 per cent) and the Deposit Guarantee Fund (the remaining 25 per cent), who sold their 22.2 per cent stake in Calvo to the conglomerate.

Calvo, owner of 17.8 per cent of the shares that went into operation, will receive EUR 55 million.

A member of the Board of Directors of the Spanish multinational company assured the employees that "nothing will change" from this sale.

But the employees of the company believe this is the beginning of a change of ownership.

One of the workers' representatives stated that they trust the family owning the firm but he said that Bolton's income can not be assessed in the same way as when the partners were the cashiers. "This is a path of no return," said the newspaper La Voz de Galicia.

At present, Bolton has more than 50 brands of products in over 125 countries worldwide, and its revenues last year amounted to EUR 400 million.

In Europe, the leading brands of canned products from Bolton are Saupiquet (France), Rio Mare (Italy), ALCO (Italy) and Palmera.

Calvo’s employees hope that with this sale, the factory Carballo can expand its production by producing cans also for Rio Mare.

In 2011, the Spanish canning firm sold its products in 70 countries and obtained a turnover of EUR 520 million.

According to the available data, last year over 900 million cans were sold, the agency Europa Press reported.

The selling group was advised on financial issues by Ahorro Corporacion and Arcano, and its legal counselor was Vialegis Dutilth.

Meanwhile, Bolton’s financial advisors were Rabobank and Rothschild, and the legal counsel was Uria & Menéndez.

By Analia Murias
editorial@fis.com
www.fis.com

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