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Goldman Sachs buyout arm completes second deal of the week

1 Jun 2012

The private equity arm of merchant banking giant Goldman Sachs has invested in Plastipak Holdings, which makes plastic packaging for some of the world’s biggest consumer product companies including Kraft Foods and Proctor & Gamble.

The company, which was founded in 1967 and is still owned and run by members of the founding Young family, supplies containers and packaging products to consumer products companies.

It manufactures containers for food and beverages, personal care products, household products and automotive fluids, and has manufacturing facilities in nine US states as well as in Europe and South America.

Although financial terms of the deal and the size of the stake were not disclosed, GS Capital Partners said it has made a “significant” equity investment in the business, which will be used to finance the company’s growth plans.

GS Capital Partners was advised by Goldman Sachs.

The deal marks GSCP’s second in less than a week after leading a consortium in a $1.1bn deal for plumbing, cleaning and lighting product provider Interline Brands.

The offer includes $811.9m of equity and about $300m of debt, and values the New York-listed company at a premium of 42 per cent to last Friday’s closing share price.

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