Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 01.10.2019  
C(2019)  7180 final  
PUBLIC VERSION 
To the notifying p arties 
Subject : Case M. 9558 – TRITON / ALL4LABELS GROUP  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 9 September  2019, the  European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Triton Managers V Limited (Jersey), Triton Fund V GP S.à r.l. 
(Luxembourg), and TFF V Limited (Jersey) (together referred to as ‘Triton Fund V’) , 
acquire within the meaning of Article 3(1)(b)  of the Merger Regulation sole  control 
over All4Labels Group GmbH  (Germany) and its subisidaries (together referred to as 
‘All4Labels Group’), by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− Triton Fund V belongs to a group of independent European private equity 
funds managed and advised by the Triton group (Channel Islands). The private 
equity funds managed by the Triton group, including Triton Fund V, are 
dedicated to investing primarily in medium- sized businesses headquartered in 
Northern Europe, with particular focus on bus inesses in three core sectors: 
Business Services, Industrials and Consumer/Health, 
− All4Labels Group develops and manufactures labels, i.e., foils, plastic or paper 
films that can be affixed to a container or product, as well as customer -specific 
niche products such as laminate and labelled tubes, folding cartons, and certain 
flexible packaging products (e.g., stand up pouches and lid films used for food 
packaging).  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union (TFEU) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 314, 18.9.2019, p. 13. 

 
2 3. After examination of the notification, the European Commission has concluded that 
the notifie d operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.