Berry Plastics Corp., an Evansville, Ind.-based maker of plastic packaging products, has agreed to acquire Denmark-based Superfos Packaging Inc., for approximately $82 million. Berry Plastics is a portfolio company of Apollo Management and Graham Partners.
Berry Plastics Corporation, an Apollo Management, L.P. and Graham Partners portfolio company, announced today that it has entered into a definitive agreement to acquire 100% of the outstanding common stock of Superfos Packaging, Inc., which is a wholly owned subsidiary of Superfos a/s, located in Taastrup, Denmark. Pursuant to the acquisition agreement, Berry will pay approximately $82 million for Superfos Packaging, subject to certain customary adjustments. The transaction is expected to close by the middle of February 2010, subject to customary closing conditions. Berry will fund the acquisition from cash on hand or existing credit facilities. Berry recently received commitments for $100 million of additional borrowing availability under its revolver increasing the total size of the facility to $500 million. These new commitments are subject to closing the acquisition of Pliant Corporation.
Superfos Packaging is a manufacturer of injection molded plastic rigid open top containers and other plastic packaging products for the food, industrial & household chemical, building materials and personal care end markets. Superfos Packaging has one manufacturing facility located in Cumberland, Maryland which had 2008 annual net sales of $46.8 million and approximately 180 employees.
Adam Unfried, President of Berry’s Rigid Open Top Division, stated “The acquisition of Superfos Packaging is an excellent opportunity for Berry to continue the execution of our strategic plan by combining with a highly respected packaging company in the rigid plastic packaging marketplace. The Superfos Packaging container product lines will provide great enhancements to Berry’s product offerings. The employees of Superfos Packaging have built an extremely successful company with an outstanding reputation for customer service and product development. We are excited about the opportunities Superfos Packaging will bring to the customers, employees and investors of Berry.”
About Berry Plastics
Berry Plastics is a leading manufacturer and marketer of plastic packaging products. Berry Plastics is a major producer of a wide range of products, including open top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, packaging, heat-shrinkable coatings, specialty laminates, and FIBCs. The company’s 13,000 plus customers range from large multinational corporations to small local businesses. Based in Evansville, Indiana, the company has more than 60 manufacturing facilities worldwide and nearly 13,400 employees.