Guala Closures has announced a strategic agreement to acquire Astir Vitogiannis Bros, a prominent manufacturer of crown closures. Astir, which produces over 12 billion closures annually, achieved a turnover of €75 million and an EBITDA of €19 million in 2023.
Established in 1953, Astir operates two production facilities in Greece and South Africa, boasting a robust global presence. The company serves esteemed clients in the beer and non-alcoholic beverage industries. Stelios Vitogiannis, CEO of Astir and the founder’s grandson, will continue to lead the business, reporting to Guala Closures’ CEO Mauro Caneschi, after reinvesting in the organization.
This acquisition aligns with Guala Closures’ growth strategy of integrating synergistic acquisitions profitably. With the addition of Astir, Guala Closures will enhance its offerings for glass bottle closures worldwide. The transaction will allow the Group to expand into emerging markets characterized by population growth and rising per capita consumption, focusing on the ready-to-drink and non-alcoholic beverage segments.
Astir’s closures are designed for premium products in segments like beer and non-alcoholic beverages, reflecting a commitment to sustainability and consumer appeal. Mauro Caneschi, CEO of Guala Closures, emphasized the significance of the deal, praising Astir’s management team and strategic foresight in positioning the company as an industry leader.
Stelios Vitogiannis expressed enthusiasm about the acquisition’s potential for accelerating growth and expanding operations. Eager to embark on this new phase alongside Guala Closures, he sees the partnership as a platform for sector consolidation and future success. The agreed enterprise value for the acquisition stands at approximately €136 million and is anticipated to close in the second half of 2024, pending regulatory approvals.
In conclusion, this acquisition signifies a significant milestone for both Guala Closures and Astir, paving the way for enhanced capabilities, market expansion, and sustainable growth within the food packaging industry.
