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Platinum Equity-backed Graphic Packaging bolts on Contego Cartons

19 Nov 2012

US-based buyout house Platinum Equity has extended portfolio company Graphic Packaging by picking up food and consumer packaging company Contego Cartons.

Graphic Packaging will pay about £71m in cash and take on about £10m in net liabilities through the deal, which was funded with existing cash and debt from Graphic’s rolling facility.

David Scheible, Graphic Packaging’s president and CEO, said, “Contego operates throughout Western Europe with state of the art facilities in the UK and the Netherlands.

“Combining Graphic’s current European business focused in the beverage markets with Contego’s strong market share position in the European food and consumer products markets will allow us to broaden our customer base and enhance our competitive positioning.

“Similar to our strategy in the US, we are committed to growing our European business around food and beverage markets and optimising our supply chain footprint around our customers’ needs.”

Last month Platinum Equity also agreed to buy BWAY, a maker of rigid containers ranging from paint tins to ammunition boxes, from Madison Dearborn Partners for $1.24bn.

Madison Dearborn bought the company for $915m, including debt, back in 2010.

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