Stone Canyon Industries has agreed to Industrial Container Services (ICS) from Centerbridge Partners for an enterprise value of around $1bn.
Image: Stone Canyon Industries has agreed to Industrial Container Services. Photo: courtesy of rawpixel / Unsplash.
Via its subsidiary BWAY Holding Company, Stone Canyon has entered into an agreement and plan of merger to acquire the parent holding company of ICS, which offers container solutions, container services and container management systems.
BWAY CEO Ken Roessler said: “We have a tremendous platform with National Container Group (NCG), and ICS not only complements our existing portfolio, but is the ideal partner to further our strategy of providing sustainable packaging solutions to our customers.”
ICS provides reconditioning, manufacturing, distribution, used container collection and recycling services for all major industrial packaging types.
ICS’ product portfolio is comprised of steel drums, intermediate bulk containers, plastic drums, fiber drums, steel and plastic pails, as well as specialty containers.
With around more than 1,700 employees, ICS operates more than 50 facilities in 22 US states and 6 Canadian provinces.
The deal is subject to customary closing conditions, including regulatory approvals. As per terms of the deal, the existing ICS equityholders will be provided with 11% stake in BWAY, once the deal concludes.
ICS president and CEO Veniez said: “The combination of these great brands lays the foundation to create tremendous value and opportunities for our various stakeholders: employees, customers, and vendors alike.”
With operations in North America, Europe, Asia and South America, BWAY provides industrial rigid packaging products and services to its customers.
With around 9,000 employees, the company operates 115 plants across 20 countries.
Through its subsidiary, BWAY produces rigid metal containers such as paint cans, steel pails, aerosol cans, F-style containers, monotop cans, pour top cans, ammunition boxes and oil cans.
The firm also produces rigid plastic packaging, including pails, drums and hybrid paint cans.
BWAY’s Mauser Group subsidiary manufactures industrial packaging solutions, fiber drums, steel drums and intermediate bulk containers.