US investment firm Stone Canyon I ndustries (SCI ), through its subsidiary BWAY Holding Company, has reached a deal to acquire the parent holding company of container products manufacturer I ndustrial Container Services (I CS) for around $1bn.
BWAY is a supplier of industrial rigid packaging products and services, with a network of 115 plants across 20 countries throughout North America, Europe, Asia and South America.
Under the terms of the agreement, BWAY will offer cash and stock consideration to I CS shareholders.
Once the transaction is closed, existing I CS equity holders will own around 11% interest in BWAY, while Centerbridge senior managing director Kyle Cruz is expected to join the board of BWAY.
I CS president and CEO Charles Veniez said: “The combination of these great brands lays the foundation to create tremendous value and opportunities for our various stakeholders: employees, customers, and vendors alike.
“Our ability to offer a full suite of products and services across vast geographies is exciting.”
BWAY CEO Ken Roessler said: “We have a tremendous platform with National Container Group (NCG), and I CS not only complements our existing portfolio, but is the ideal partner to further our strategy of providing sustainable packaging solutions to our customers.”
The company’s rigid metal container manufacturing portfolio includes paint cans, steel pails, aerosol cans, F-style containers, monotop cans, pour top cans, ammunition boxes and oil cans.
I n addition, the company supplies rigid plastic packaging, including pails, drums, and hybrid paint cans.