EVANSVILLE, Ind.--(BUSINESS WIRE)--
Today, Berry Plastics Group, Inc. (NYSE: BERY) completed the previously
announced acquisition of AVINTIV Inc. (AVINTIV) from private equity
funds managed by Blackstone for a cash purchase price of approximately
$2.45 billion, subject to post-closing adjustment for working capital
and certain other items.
AVINTIV is one of the world's leading developers, producers, and
marketers of specialty materials used in infection prevention, personal
care, and high-performance solutions. With 23 locations in 14 countries,
and an employee base of over 4,500 people, AVINTIV offers one of the
broadest ranges of process technologies in the industry.
"We are extremely excited to complete the acquisition of AVINTIV and to
welcome the AVINTIV team to the Berry Plastics organization. The
combination of Berry Plastics and AVINTIV creates a global leader in
plastics packaging and engineered specialty materials," said Jon Rich,
Chairman and CEO of Berry Plastics. "With this acquisition we have
expanded our global footprint, added complementary products to our
existing product portfolio, and will be able to further capitalize on
the rapidly growing global markets for hygiene and healthcare products."
Credit Suisse and Barclays acted as financial advisors and Bryan Cave
acted as legal advisor for Berry Plastics. Citi and BofA Merrill Lynch
acted as financial advisors and Simpson Thacher & Bartlett LLP acted as
legal advisor for AVINTIV and Blackstone.
About Berry Plastics
Berry Plastics Group, Inc. is a leading provider of value-added plastic
consumer packaging and engineered materials delivering high-quality
customized solutions to our customers with annual net sales of $5.0
billion in fiscal 2014. With world headquarters in Evansville, Indiana,
the Company's common stock is listed on the New York Stock Exchange
under the ticker symbol BERY. For additional information, visit the
Company's website at www.berryplastics.com.
Forward-looking statements
Certain statements and information included in this release may
constitute "forward looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of Berry Plastics to be materially
different from any future results, performance, or achievements
expressed or implied in such forward looking statements. Additional
discussion of factors that could cause actual results to differ
materially from management's projections, forecasts, estimates and
expectations is contained in the company's SEC filings. We do not
undertake any obligation to update any forward-looking statements, or to
make any other forward-looking statements, whether as a result of new
information, future events or otherwise.
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