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Private equity firm Platinum Equity has sealed a deal to buy container company BWAY Parent Company Inc. from its current owners for a proposed $1.24 billion, BWAY announced late Tuesday. Latham & Watkins is advising Beverly Hills–based Platinum on the acquisition, with Kirkland & Ellis serving as legal counsel to Atlanta-based BWAY. The deal, expected to close in the fourth quarter of the year, will be funded through equity from Platinum and members of BWAY management, as well as committed debt financing provided by Bank of America Merrill Lynch and Deutsche Bank. Chicago-based Madison Dearborn Partners bought BWAY for about $900 million in 2010 and has been overhauling the company since then, according to Bloomberg. Sources tell Bloomberg that the current sale attracted more than six potential bidders. Founded in 1875, BWAY originally made pie tins and other household products. The company now has 22 plants throughout the United States and Canada and makes metal and plastic containers ranging from plastic pails for storing oils, solvents, and paints to U.S. Department of Defense–approved ammunition boxes. Platinum Equity, founded in 1995 by billionaire and Detroit Pistons owner Tom Gores, turned to a familiar face as lead deal counsel on the matter: Latham’s Washington, D.C., based–partner David Brown, who lists Platinum as one of his representative clients on the firm’s website.

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