Breaking News

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

Headline

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

news

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.

More Euro Asia news of the month

Photos Bahrainis Continue Anti-Regime Rallies in Solidarity with Sheikh Qassim

TEHRAN (Tasnim) - Bahraini people from all walks of life, once again, poured into the streets in various cities to condemn the Al...

Photos US, Britain Directly Involved in Crackdown on Bahrainis: Opposition Figure

TEHRAN (Tasnim) - A senior official with Bahraini opposition group the Islamic Action Society slammed the US and British governments for...

Photos Bahraini Regime Forces Arrest 32 People in 24 Hours

TEHRAN (Tasnim) - Bahraini forces have reportedly arrested at least 32 people during separate raids on a number of houses across the...

Photos Bahraini king says only a matter of time before Arab states align with Israel

MANAMA, Bahrain - This week's designation by the GCC (Gulf Cooperation Council) of Hezbollah as a terrorist group is seen as part of...

Photos Bahrainis rally against Saudi airstrikes on Yemen

Dozens of protesters have staged separate demonstrations across Bahrain to express their resentment over the ongoing Saudi military...

Photos HM the King praises Britain’s role in maintaining regional security

Manama, Feb. 11. (BNA) - His Majesty King Hamad bin Isa Al Khalifa received at Al Sakhir Palace today Chief of the Naval staff of the...

Photos Bahrain clerci’s arrest impulsive, imprudent: Iran official

A senior Iranian official has hit out at the Manama regime for apprehending Bahraini opposition leader Sheikh Ali Salman, describing his...

Photos Clashes break out outside Bahrain opposition leader’s home

Clashes have broken out between police in Bahrain and anti-regime demonstrators protesting against the prolonged detention of the...

Photos Bahrain , Azerbaijan sign military co-op plan

Baku, Azerbaijan, Dec.26 By Ilkin Izzet – Trend: A military cooperation plan was signed during the visit of Azerbaijani Defense...

Flying Reimagined

Stock Index

Thursday, October 18, 2018

Life Style

Photo Gallery

FEUILLETON