Apollo Management Involved in Big Deal
June 28, 2006
Satellite Standard Group keeps you informed.
One of the major shareholders in Sirius Satellite Radio is getting into the plastics business.
NEW YORK (Reuters) - Private equity firms Apollo Management LP and Graham Partners on Wednesday said they agreed to buy Berry Plastics Corp., a maker of plastic container tops and packaging, for $2.25 billion.
Berry Plastics, which has annual sales of about $1.3 billion, is currently owned by
Goldman Sachs Capital Partners (GS.N) and JPMorgan (JPM.N) Partners. The firms are the private equity arms of their respective investment banks.
Berry Plastics put itself up for sale in March, as its owners were looking to exit the business after owning it since 2002, when they purchased it for $870 million. Declining raw material costs made the company an attractive target for private equity buyers.
The deal is expected to close by the end of the third quarter.
Apollo is among the largest private equity firms and is investing from its roughly $12 billion buyout fund. Graham Partners is a Philadelphia-based private equity firm focused on the industrial sector.
SSG readers can see the article
HERE via the Washington Post
6/28/2006 09:48:00 AM
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