Oct 2 BWAY Parent Co Inc, which
supplies metal and plastic containers to the packaging industry,
said it will be acquired by an affiliate of Platinum Equity for
about $1.24 billion.
BWAY Parent, which operates through its subsidiary BWAY
Corp, said Platinum Equity would acquire it from funds managed
by Madison Dearborn Partners.
Platinum Equity, which specializes in buying distressed
assets, will finance the deal through a combination of debt and
Senior executives of the company and a number of other
employees will invest in the transaction alongside Platinum,
BWAY Parent said.
Atlanta-based BWAY has annual sales exceeding $1 billion,
according to information on BWAY Corp's website.
The deal is expected to close in the fourth quarter of 2012.
Goldman Sachs & Co, Barclays and Deutsche Bank Securities
Inc acted as financial advisers to BWAY Parent.