LEADING EUROPEAN PACKAGING BUSINESS TO BECOME INDEPENDENT COMPANY

CROWN HOLDINGS, INC. TO RETAIN 20% OWNERSHIP INTEREST

NEW COMPANY TO FOCUS ON GROWTH IN FOOD AND CONSUMER PRODUCTS MARKETS

KPS Capital Partners, LP ("KPS") today announced that it has signed a 
definitive agreement to acquire the Europe, Middle East and Africa food, 
aerosol and promotional packaging business (the "EMEA Food and Consumer 
Packaging Business" or the "Company") from Crown Holdings, Inc. (NYSE: CCK, 
"Crown") for EUR 2.25 billion (approximately $2.7 billion). Crown will retain 
20% ownership of the Company. The transaction is expected to close in the third 
quarter of 2021 and is subject to customary closing conditions and approvals.  

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The EMEA Food and Consumer Packaging Business is the largest manufacturer of 
steel and aluminum food packaging in Europe and is a leading manufacturer of 
aerosol and promotional packaging. The Company is critical to the European food 
supply chain and has hundreds of global and regional food and consumer products 
customers. The Company's products are highly sustainable and help to prevent 
food waste and drive higher rates of recycling. The EMEA Food and Consumer 
Packaging Business has approximately 6,300 employees across 44 manufacturing 
facilities in Europe, the Middle East and Africa, and generates annual revenue 
of approximately EUR 2.0 billion. 

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "We are 
excited to acquire one of the largest metal packaging businesses in Europe. The 
size and scale of the business, the breadth of its products and its critical 
food safety technology and process disciplines developed over decades, coupled 
with growing end-markets, are the foundation of a tremendous investment 
platform. We thank Mr. Donahue and Crown for their confidence in KPS and trust 
in our stewardship of the extraordinary business they have built. We look 
forward to working constructively with all of the business's stakeholders to 
build a vibrant and thriving new company.  KPS will leverage its decades of 
global manufacturing experience to create an entrepreneurial culture centered 
on innovation and continuous improvement, while providing the financial 
resources to invest in commercial and operational excellence and industry 
leading customer service."

Timothy Donahue, Chief Executive Officer of Crown, said, "We are very pleased 
that the European Tinplate business will have a strong owner in KPS Capital 
Partners to support future profitable growth and innovation initiatives. 
European customers and consumers alike have long embraced metal packaging, 
valuing the premium product protection and flavor preservation that it offers. 
We are excited to retain a minority stake in the business alongside KPS as 
Crown shareholders will benefit from the KPS team and its track record of 
owning manufacturing companies and creating tremendous value."

Rothschild & Co is acting as lead financial advisor and Paul, Weiss, Rifkind, 
Wharton & Garrison LLP is serving as legal counsel to KPS and its affiliates. 
Barclays and UBS are also acting as financial advisors to KPS and its 
affiliates. Debt financing to support the transaction is being led by Barclays 
and Deutsche Bank along with BNP Paribas, Credit Suisse and UBS Investment 
Bank. 

About the EMEA Food and Consumer Packaging Business
The EMEA Food and Consumer Packaging Business is the largest manufacturer of 
steel and aluminum food packaging in Europe and is a leading manufacturer of 
aerosol and promotional packaging. The Company is critical to the European food 
supply chain, with hundreds of global and regional food and consumer products 
customers. The Company's products are highly sustainable, helping to prevent 
food waste and drive high rates of recycling. With approximately 6,300 
employees across 44 manufacturing facilities in Europe, the Middle East and 
Africa, the EMEA Food and Consumer Packaging Business generates annual revenue 
of approximately EUR 2.0 billion. 

About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of 
rigid packaging products to consumer marketing companies, as well as transit 
and protective packaging products, equipment and services to a broad range of 
end markets. World headquarters are located in Yardley, Pennsylvania. For more 
information, visit www.crowncork.com.

About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with over $12.3 billion 
of assets under management (as of December 31, 2020). For nearly three decades, 
the Partners of KPS have worked exclusively to realize significant capital 
appreciation by making controlling equity investments in manufacturing and 
industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing. KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage. The KPS Funds' 
portfolio companies have aggregate annual revenues of approximately $10.6 
billion, operate 159 manufacturing facilities in 22 countries, and have 
approximately 34,000 employees, directly and through joint ventures worldwide. 
The KPS investment strategy and portfolio companies are described in detail at 
www.kpsfund.com.

SOURCE KPS Capital Partners, LP

CONTACT: David Wells, Prosek Partners, Catherine Johnson, Prosek Partners, 
+1-646-818-9287