28 June 2006 14:08 [Source: ICIS news]
HOUSTON (ICIS news)--Private equity firms Apollo Management and Graham Partners will acquire the parent company of Berry Plastics for $2.25bn (€1.79bn), the companies said on Wednesday.
The equity firms will acquire the BPC Holding Corporation from Goldman Sachs Capital Partners and JPMorgan Partners, the companies said in a statement. They said they expect to complete the transaction in the 2006 third quarter. Apollo will own a majority of ?xml:namespace>
"We are very excited to be purchasing Berry Plastics, which we believe is a true franchise business and one of the best positioned, highest margin specialty packaging businesses in the industry," said Joshua Harris, a founding partner of Apollo Management.
Ira Boots will remain president and chief executive officer of Berry Plastics.
Evansville, Indiana-based Berry Plastics makes and markets rigid plastic packaging products. It provides rigid open top and rigid closed top packaging and has more than 12,000 customers. The company’s fiscal 2005 pro forma annual sales totalled $1.3bn.
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