Berry Plastics Corporation has confirmed its second acquisition in the past few days by entering into a definitive agreement to acquire 100% of the outstanding common stock of Captive Holdings, manufacturers of blow-moulded bottles and injection-moulded closures used in the personal care industry. This follows the takeover of MAC Closures, which is also a plastic cap and closure manufacturer.
Berry will pay approximately $500m in cash for Captive, subject to certain customary adjustments. In connection with the transaction, Berry has obtained financing commitments to finance the transaction. The transaction is scheduled to close in the first quarter of 2008 and is subject to customary closing conditions.
Ira Boots, chairman and ceo of Berry Plastics Corporation, stated: "The acquisition of Captive is another step in our quest to be a total solution provider of plastic packaging with the Captive product line significantly enhancing our abilities to better serve our customers. We are excited about the skill sets that the Captive employees bring to Berry for the benefit of all of our customers, employees and investors. Captive has a history of strong growth and fits in perfectly with our existing product lines."