French container glass manufacturer Saverglass has been acquired by the Carlyle Investment Fund for €560 million ($630.5 million).
Saverglass is involved in the design, manufacture and decoration of glass bottles and carafes created for premium spirits such as cognacs, whiskies and vodkas, along with premium and vintage Champagnes and wines.
In the 30 years since it was formed it has had average year-on-year growth of 10%, and built seven industrial facilities - four glassmaking plants and three decoration facilities.
The latest stages of its development came with the launch of a plant in the UAE in 2013 , bringing annual production levels to 700 million bottles, while in 2014 it opened a decoration plant in Arques, in the north of France.
In a statement it said: “The group is in a dynamic market with a positive growth outlook. Its production tool has quickly reached a saturation point, justifying the group’s continued industrial development abroad.
“The world’s number three investment fund, Carlyle now accompanies, as the key partner of the management team, the necessary implementation of the ongoing group’s international development.”
The company has thanked each of its employees with a profit-sharing payment of €1500.
Pictured: The Saverglass site in the UAE