Capstone Partners Advises Plastican, Inc. on Sale to BWAY Holding Company
Boston, MA – Capstone Partners LLC, a leading national investment banking firm, announced that it has successfully advised Plastican, Inc. on its sale to North America Packaging Corporation, an indirect subsidiary of BWAY Holding Company, a leading North American supplier of general line rigid containers and a portfolio company of Madison Dearborn Partners, LLC. The terms of this transaction were not disclosed.
Plastican, headquartered in Leominster, MA, produces a wide range of innovative plastic pails used for packaging industrial and consumer products. The Company operates four manufacturing plants located in Leominster, MA, Macon, GA, Dallas, TX, and Phoenix AZ, and generated net sales of $90 million in 2009. The acquisition was funded with available cash on hand.
Commenting on the acquisition, Ken Roessler, BWAY’s President and Chief Executive Officer, stated that, “This business is an excellent fit with the Company’s core market add-on acquisition strategy. In addition to sales and market share growth, this acquisition provides further product portfolio expansion which further supports the Company’s goal of positioning BWAY as the premier supplier for rigid general line packaging. We expect to realize significant synergies from this acquisition, including potential future plant rationalizations.” John Clementi, Plastican’s CEO also commented on the transaction stating that, “BWAY is the perfect partner to advance the legacy of innovative designs and quality that Plastican has always brought to the marketplace.”
Plastican manufactures rigid plastic packaging products. The company provides round, flat sided, threaded, twist and lock, and lightweight containers, as well as cover fittings and accessories. The company serves industrial markets, such as adhesives, building products, ice melts and driveway sealers; and consumer/retail markets, including food, pool chemicals, household products and pet foods. The company was founded in 1969 and has manufacturing facilities in Leominster, Massachusetts; Dallas, Texas; Macon, Georgia; and Phoenix, Arizona. Additional information about Plastican can be found at www.plastican.com.
BWAY Holding Company is a leading North American supplier of general line rigid containers. The company operates 23 plants (including Plastican) throughout the United States and Canada serving industry leading customers on a national basis. BWAY is a portfolio company of Madison Dearborn Partners, LLC. Additional information about BWAY can be found at www.bwaycorp.com.