The deal included the acquisition of Berry Global’s six printing and laminating flexible packaging facilities
Private investment company Graham Partners has completed the acquisition of flexible packaging converting business from Berry Global Group for an undisclosed sum.
Under the deal, Graham has acquired six printing and laminating flexible packaging facilities, earlier that operate under Berry Global’s North American extrusion, converting and coating business.
Graham Partners CEO Steven Graham said: “This acquisition should benefit from our extensive experience building premier packaging businesses, as well as our strong network of contacts within the industry. In particular, we are enthusiastic about having Larry and the ABX team provide renewed strategic direction and leadership to this business.”
Graham will integrate the acquired business with its flexible packaging portfolio company Advanced Barrier Extrusions (ABX), which was acquired in August 2018. The combined business will operate under the ABX name.
ABX, which operates eight manufacturing facilities, produces co-extruded high barrier films, narrow and wide web flexographic printed rollstock, bags and pouches, and solvent and solvent-less lamination solutions. Its packaging solutions are suitable for use in a range of packaging applications.
The acquired business is expected to help ABX to enter into new categories such as personal care and healthcare packaging, in addition to increasing its revenue by more than $200m.
With significant synergy potential, the combination forms a vertically integrated business that consists of multiple extrusion technologies, printing, laminating, bagging, coating, finishing and niche packaging operations, said Graham Partners.
ABX CEO Larry Goldstein said: “We are excited to bring our expanded capabilities to the market and realize the synergy potential of this combination. I am looking forward to working again with many familiar faces to achieve future growth and profitability.”
In July 2019, Berry Global completed its acquisition of RPC Group for a purchase price of approximately $6.5bn (£5.1bn), subject to closing adjustments.
RPC is a global design and engineering company, which offers plastic and recycled products for packaging and selected non-packaging markets.