US-based private-equity firm Oak Hill Capital Partners has completed the acquisition of plastic, glass and metal containers supplier Berlin Packaging, in a previously announced $1.43bn deal.

Earlier in August, Oak Hill agreed to pay around 14 times more than Berlin Packaging’s earnings of approximately $100m before interest, taxes, depreciation and amortisation, reported the Wall Street Journal.

According to the report, Oak Hill will invest roughly $650m in Berlin Packaging, while the rest of the deal will be financed with debt.

Oak Hill managing partner Tyler Wolfram said: "The investment in Berlin Packaging is representative of Oak Hill’s theme-based investment strategy and specifically aligns with one of our core themes targeting industry-leading, value-added strategic suppliers.

"Berlin Packaging is a best-in-class business in a very attractive market with significant growth avenues.

"Our new partnership with Oak Hill will create wins for all of the company’s stakeholders."

"We are excited to execute Berlin Packaging’s strategy in partnership with Andrew and his outstanding team."

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Berlin Packaging chairman and CEO Andrew Berlin said: "The Berlin Packaging team is highly enthusiastic to take our business to the next level.

"Our new partnership with Oak Hill will create wins for all of the company’s stakeholders."

Berlin Packaging also completed the previously announced first and second lien financing in addition to a revolving credit facility.

Established in 1898, Berlin Packaging claims to manufacture close to 3.5 billion components every year with more than 90 domestic sales and warehouse locations.

Berlin Packaging generates around $800m in annual revenue.