Canadian Packaging

Cascades completes the sale of its equity position in RdM Group

By Cascades   


Kingsey Falls, Québec, October 26, 2021 – Cascades Inc. (TSX: CAS) announces that it has completed the sale of its 57.6% equity stake in Reno De Medici S.p.A. (BIT: RM) (“Reno de Medici”, or “RDM Group”), previously announced July 5, 2021, to a subsidiary of funds managed by subsidiaries of Apollo Global Management, Inc. (NYSE: APO) for an all-cash price of €1.45 per share corresponding to a total cash consideration of approximately €315.3 million (approximately CAN$ 461 million, before transaction related fees).

The selling price represents a multiple of approximately 11x of the adjusted operating income before depreciation of Reno De Medici for the last 12 months as of June 30, 2021.

“This transaction will create long-term value for the Company and our shareholders,” stated Mario Plourde, President and CEO. “Strategically, exiting our Boxboard Europe segment is aligned with our plan to focus on strengthening the competitive positioning of our core North American packaging and tissue papers business operations. To this end, proceeds from the divestiture will not only support ongoing strategic modernization initiatives and key projects but will also allow Cascades to strategically return capital to shareholders and proactively manage our debt profile.”

Rothschild & Co acted as financial advisor to Cascades in this transaction and Jones Day acted as legal advisor. Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors for Apollo.


Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs more than 11,700women and men across a network of 85facilities in North America and Europe. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades’ shares trade on the Toronto Stock Exchange under the ticker symbol CAS.


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