Goldman Sachs Capital Partners To Invest in Plastipak
PLYMOUTH, Mich., May 31, 2012 /PRNewswire/ — Plastipak Holdings, Inc. (“Plastipak” or the “Company”), a leading global supplier of plastic packaging and recycling solutions to the world’s largest consumer product companies, announced today that affiliates of GS Capital Partners (“GSCP”) have agreed to make a significant equity investment in the Company. The investment will position Plastipak to capitalize further on substantial growth opportunities across its global business platform.
“My family and the Plastipak management team have built this company over the past half century by partnering with our customers and suppliers,” said Bill Young, founder and CEO. “We look forward to a new partner in the form of GSCP as we execute our strategic vision for providing the best products and services to our clients and continuing to build out our global footprint.”
“Plastipak has an industry-leading management team and a world-class product portfolio,” said Henry Cornell of GS Capital Partners. “We look forward to working alongside the company’s current executives and the Young Family to continue to drive growth globally.”
Plastipak has been owned and run by the Young Family since 1967. The Young Family will continue to hold a majority stake in Plastipak following the closing of the transaction, which is expected to occur upon completion of the necessary regulatory approvals.
GSCP was advised by Goldman, Sachs & Co.
Plastipak, a privately held Michigan corporation founded in 1967, is a leading global manufacturer of plastic packaging containers and preforms for some of the world’s largest consumer products companies. Plastipak designs, manufactures, and distributes plastic containers in four product categories: carbonated and non-carbonated beverages; consumer cleaning; food and processed juices; and industrial, automotive and specialty products. The company’s operations span the US, Europe, and Brazil. The company supplies rigid plastic packaging containers globally to multinational consumer product companies. In fiscal 2011, Plastipak sold approximately 21 billion preforms and bottles to more than 450 customers from 29 manufacturing facilities.
About GS Capital Partners
Since 1986, the Goldman Sachs Merchant Banking Division and its predecessor business areas have raised 16 private equity and principal debt investment funds aggregating over $82 billion of capital (including leverage). A global leader in private corporate equity investing, the GS Capital Partners family of funds focuses on large, high quality companies with strong management and funding acquisition or expansion across a range of industries and geographies. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
For more information, please visit www.gs.com/pia
For more information on Plastipak, please visit www.plastipak.com
SOURCE Plastipak Holdings, Inc.