Berlin Packaging ()
Private equity firm Oak Hill Capital Partners has agreed to acquire container maker Berlin Packaging LLC from Bahrain-based investment firm Investcorp Bank BSC for $1.43 billion.
The terms of the transaction were not disclosed, but Bloomberg reports that it is the largest deal in the metal and glass packaging industry since Crown Holdings Inc. bought Spanish food can maker Mivisa Envases for $1.65 billion in October last year.
Chicago-based Berlin Packaging, which makes rigid plastic, glass and metal containers, has annual revenues of about $800 million. Its sale to Oak Hill is expected to close in the third quarter of this year.
“Berlin Packaging is a high-caliber business experiencing double-digit growth and targeting a large addressable market opportunity,” said Oak Hill managing partner Tyler Wolfram in a statement. “The transaction is representative of Oak Hill’s theme-based investment approach.”
The sale is a part of a flurry of secondary buyouts, where private equity investors purchase companies from one another, according to The Wall Street Journal, which reported a total of $50 billion worth of these types of deals worldwide so far this year.
In this latest deal, Berlin Packaging tapped Gibson, Dunn & Crutcher for legal counsel. Corporate partner Michael Greaney led the team that included fellow corporate partner Rashida La Lande, tax partner David Rosenauer and finance partner Aaron Adams. It was also composed of associates Sheera Gross, Stephenie Gosnell Handler, Gina Santino, John-Paul Vojtisek and Dev Ghose.
Paul, Weiss, Rifkind, Wharton & Garrison advised Oak Hill on the deal. Its team included corporate partners Angelo Bonvino and Eric Goodison, employee benefits partner Rob Fleder and tax partner David Sicular. Oak Hill’s general counsel is John Monsky, who worked for Paul Weiss for five years before joining the company in 1993.
Earlier this summer, Oak Hill sold off jet engine component producer Firth Rixson in a $2.85 billion deal with Alcoa Inc. Paul Weiss advised Firth Rixson on that deal, but had represented Oak Hill in its original $2 billion acquisition of the company in 2007.