Private equity firms Apollo Management (New York / USA) and Graham Partners (New York / USA; www.grahampartners.net) are to acquire Berry Plastics Corp (Evansville, Indiana / USA; www.berryplastics.com) for USD 2.25 bn. The plastic container lid manufacturer, which has annual sales of around USD 1.3 bn, was acquired by Goldman Sachs Capital Partners and JP Morgan Partners in 2002 for USD 870m. The transaction is expected to be finalised by the end of the third quarter 2006.

This is the third time in the last decade that that Berry has changed hands between private equity buyers. In 1996 Atlantic Capital bought the company for around USD 55m and sold it in 2002.

Apollo Management said that Ira Boots will remain president and chief executive officer of the company and that the existing management team will continue to lead Berry Plastics following the acquisition.

e-Service:
Form-10 K for 2005 by Berry Plastics as PDF document (525 KB)