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Asia Today ISSN 1861-4604 Thursday, October 18, 2018


Oak Hill to acquire Berlin Packaging for $1.43 bn

From Bahrain-based investment firm Investcorp Bank BSC.

Share on Facebook August 26, 2014, Reporter : BigNewsNet, Reader : 653


NEW YORK - Equity firm Oak Hill Capital Partners Monday said it will buy packaging products maker Berlin Packaging for $1.43 billion from Bahrain-based investment firm Investcorp Bank BSC.

The transaction, according to a joint statement of the companies, is expected to close in the third quarter of 2014. But it is subject to government approval and other customary closing conditions.

The Chicago-based firm distributes plastic, glass and metal containers among other packaging products. The company was acquired by Investcorp Bank BSC in a majority ownership interest for about $410 million in 2007.

"Oak Hill is investing in partnership with Berlin Packaging's current management team, led by Chairman and CEO Andrew Berlin. The transaction is valued at $1.43 billion," the statement said, on behalf of the private buyout firm.

The Chicago-based packaging products and services company CEO Andrew described the partnership with Oak Hill as "tremendous".

"We are extremely pleased to be partnering with Oak Hill. Oak Hill has a longstanding history of building superior businesses and a reputation for strong partnership with management," Berlin said in the statement.

"It was important to join with a firm that shares the same culture and belief system as Berlin Packaging and that is committed to growing our company by offering increased value to our customers, suppliers, and employees."

He also thanked Investcorp "for their partnership over the last seven years".

The statement said that Barclays Capital and Deutsche Bank "acted as financial advisors to Berlin Packaging in the transaction", while Morgan Stanley acted as exclusive financial advisor to Oak Hill.

Deutsche Bank AG New York Branch, Deutsche Bank Securities and Morgan Stanley Senior Funding have underwritten and will arrange first and second lien financing in connection with the transaction.

Gibson, Dunn Crutcher LLP is serving as legal counsel to Berlin Packaging and Investcorp. Paul, Weiss, Rifkind, Wharton and Garrison LLP is serving as legal counsel to Oak Hill.

According to the Wall Street Journal, Oak Hill "bested" several other private-equity firms for the company.

Final bids for the closely held company were due in the past week and Oak Hill and Berlin Packaging completed the deal early Saturday, reports said.

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