Berry Plastics to buy baby diaper maker Avintiv from Blackstone Group for $2.45 bn
01 Aug 2015
US plastic packaging products maker Berry Plastics Group Inc yesterday struck a deal to buy diaper maker Avintiv Inc from private equity firm The Blackstone Group, for about $2.45 billion in cash.
Blackstone had acquired Avintiv in 2010 for $326.2 million from private equity firm MatlinPatterson.
Avintiv, which changed its name from PGI Specialty Materials Inc last month, is one of the world's leading developers, producers, and marketers of specialty materials used in infection prevention, personal care, and high performance solutions.
It makes baby diapers and feminine hygiene products, as well as substrates for fabric-softening dryer sheets.
The North Carolina-based company also makes nonwovens for personal care applications, specialty agriculture, and industrial customers; industrial cable wraps for civil engineering, landscape, and military uses; and specialty materials for healthcare customers.
Indiana-based Berry Plastics is a leading provider of value-added plastic consumer packaging and engineered materials with annual net sales of $5 billion in 2014.
Jon Rich, chairman and CEO of Berry Plastics, said, "The combination of Berry Plastics and Avintiv creates a global leader in plastics packaging and engineered specialty materials with enhanced technology, material and commercial capabilities to more broadly serve our customers."
Berry Plastics has secured committed debt financing to fund the transaction, which is expected to close by the end of calendar year 2015.