Wendel, an investment holding company, together with existing family owners the Turnauer Family Trust, has completed its purchase of flexible packaging and labels producer Constantia Flexibles GmbH for about €2.3 billion. To finance the acquisition, Wendel and its consortium of buyers placed the equivalent of €1,211 million of senior facilities, issued by holding company Constantia Flexibles Holding GmbH. We view Constantia Flexibles' business risk profile as "fair" and its financial risk profile as "aggressive." We are therefore assigning our 'B+' long-term rating to Constantia Flexibles. At the same time, we are assigning our 'B' issue rating to the company's senior facilities and €125 million revolving credit facility. The outlook is stable. We anticipate that the group will exhibit a moderate
