IMAP Portugal acted as financial advisor to Vidrala on the strategic cross-border deal for the acquisition of 100% of Vidroporto in Brazil. Executed under a competitive auction, this transaction was successfully closed for an enterprise value of EUR 384 million and was the largest transaction completed in 2023 by a Spanish investor in Latin America.
Vidrala, founded in 1965 and listed on Spain’s IBEX 35 with a market cap of EUR 2.8 billion, is one of the leading European manufacturers of glass packaging for the Food & Beverage industry. The company provide a broad range of packaging services, including logistics solutions and beverage filling activities. In 2022, Vidrala reported consolidated revenues of EUR 1.3 billion and an EBITDA of EUR 270.4 million, with a workforce exceeding 3,600 employees.
Vidroporto, founded in 1977 and located in the State of São Paulo, together with its subsidiary Indústria Vidreira do Nordeste is one of the leading Brazilian manufacturers of glass packaging, with a market share of 25%. It is founded on an impressive industrial legacy and has a highly experienced management team and strong relationships with strategic customers. Operating two high-quality sites in Porto Ferreira, state of São Paulo, and Estância, state of Sergipe, it serves some of the main beverage brands in Brazil, in segments including beer, spirits, and soft drinks. With forecasted sales of approximately R$850 million and EBITDA of around R$300 million in 2023, Vidroporto recently expanded its Porto Ferreira plant. The new facility, operational since the second half of last year, has increased Vidroporto's production capacity by 35%, expected to positively impact results in 2024.
This acquisition represents an important step in Vidrala’s long-term strategic path in Latin America, diversifying its business in the growing Brazilian market, providing a new driver for potential future developments in other southern hemisphere regions, as well as reinforcing partnerships with its strategic clients.
The IMAP team from Portugal, led by Gonçalo Vaz Botelho and Miguel Delfino advised Vidrala throughout the M&A process, providing assistance in all phases of the deal.
