ATLANTA, Nov. 5, 2012 /PRNewswire/ -- BWAY Parent Company, Inc., a leading North American supplier of general line rigid containers, announced today it has been acquired by an affiliate of Platinum Equity in a transaction valued at approximately $1.24 billion. The transaction, first announced October 2, 2012, closed today.
"We are excited about this next step in the evolution of our company as we transition to new ownership," said Kenneth Roessler, BWAY President and Chief Executive Officer. "Platinum provides strong operational capabilities that perfectly fit our strategic focus for the next chapter. Our goals are fully aligned with those of our new partners and we are excited to get to work."
Under the terms of the agreement, Platinum Equity acquired BWAY from Madison Dearborn Partners via a merger. Senior executives of BWAY and a significant number of other employees invested in the transaction alongside Platinum.
"BWAY has a strong management team and dedicated employees. We are excited about their commitment to this transition as it is a clear demonstration of their belief in our ability to work together, create value and help the company realize its full potential," said Platinum Equity Partner Louis Samson.
A team of Platinum operations professionals has been deployed to work with BWAY and help ensure a seamless transition. Mr. Samson said that in addition to providing operations support, Platinum Equity's M&A team will continue working closely with BWAY in the capital markets and in pursuing attractive acquisition opportunities should they present themselves.
"We will work with the management team to evaluate and pursue attractive opportunities to grow and expand the business, both organically and through potential new acquisitions," said Mr. Samson.
Goldman, Sachs & Co., Barclays and Deutsche Bank Securities, Inc. acted as financial advisor to BWAY and Kirkland & Ellis LLP was the company's legal advisor. Latham & Watkins LLP acted as legal advisor to Platinum Equity. The bookrunners for debt financing were Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs.
About BWAY Corporation
BWAY Parent Company, Inc., through its primary operating subsidiary, BWAY Corporation is a leading North American supplier of general line rigid containers. The Company operates 22 plants throughout the United States and Canada serving industry leading customers on a national basis.
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SOURCE BWAY Holding Company