October 2, 2012 / 10:01 PM / 5 years ago

Platinum Equity to buy BWAY Parent for $1.24 bln

Oct 2 (Reuters) - 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 equity.

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.

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