Investors sell Berry Plastics

Related tags Berry plastics Investment Berry plastics corporation

In the US First Atlantic Capital, JPMorgan Partners and Aetna Life
Insurance Company have entered into a definitive agreement to sell
their portfolio company, Berry Plastics Corporation, to GS Capital
Partners 2000, a private equity investment fund managed by Goldman
Sachs, for $837.5 million (€902mn).

In the US First Atlantic Capital, JPMorgan Partners and Aetna Life Insurance Company have entered into a definitive agreement to sell their portfolio company, Berry Plastics Corporation, to GS Capital Partners 2000, a private equity investment fund managed by Goldman Sachs, for $837.5 million (€902m).

Since First Atlantic first acquired Berry Plastics in 1990, revenues have grown from $57 million in 1990 to $462 million in 2001. Berry's senior management team will remain in place and the company will continue to operate out of its Evansville, Indiana headquarters.

Ira G. Boots, president and CEO of Berry Plastics, said: "We look forward to working with the GS Capital Partners team to further increase the size and scope of our business and remain committed to providing our customers with consistent, reliable products and services to which they have grown accustomed."

Roberto Buaron, chairman and CEO of First Atlantic Capital, said: "Our strategy of acquiring leading specialty plastics manufacturers to complement Berry's core product lines and to expand its operations to cover global markets has led to a significant increase in Berry's financial results. We intend to continue our strong legacy of working with the management of our existing portfolio companies to add substantial value to their operations."

Joseph Gleberman, managing director of GS Capital Partners, said: "Under the guidance of the current management and First Atlantic, Berry has become a market leader in several segments of the plastic packaging industry."

Berry Plastics Corporation is a leading manufacturer and marketer of injection-moulded and thermoformed plastic open-top containers, aerosol overcaps, closures, drink cups, and housewares. The company is headquartered in Evansville, Indiana, and, together with its subsidiaries, has plants across the US, as well as Italy, the UK and Mexico.

Related topics Processing & Packaging

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