Berry Plastics acquires Avintiv from PE firm Blackstone for $2.45 bn

Berry Plastics Group Inc, one of the leading providers of value-added plastic consumer packaging and engineered materials, on July 31, 2015 signed an agreement to acquire Avintiv Inc from private equity funds managed by The Blackstone Group LP for approximately $2.45 billion in cash on a debt-free, cash-free basis.
 
Avintiv Inc 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, an employee base of over 4,500 people, and the broadest range of process technologies in the industry, Avintiv’s strategically located manufacturing facilities position it as a global supplier to many of the same leading consumer and industrial product manufacturers that Berry Plastics supplies. For the twelve-month period ended March 2015, Avintiv generated pro forma revenues and adjusted EBITDA of $2.1 billion and $303 million, respectively. Additionally, Berry Plastics expects to realise approximately $50 million in annual cost synergies.