Stone Canyon Industries (SCI) has completed the acquisition of the parent holding company of US-based container solutions and services provider Industrial Container Services (ICS) for $1bn.
Following the announcement of the transaction in June this year, the company made the acquisition through its subsidiary BWAY Holding Company (BWAY), which is a global supplier of industrial rigid packaging products and services.
Under the terms of the deal, SCI made payments in cash and stock to ICS shareholders that include investment funds affiliated to Centerbridge Partners.
With the closure of the transaction, existing ICS equity holders will have around 11% interest in BWAY.
As a result of the transaction terms, Centerbridge senior managing director Kyle Cruz has joined the board of BWAY.
BWAY CEO Ken Roessler said: “We will immediately begin working together to execute on our strategy of providing sustainable packaging solutions to our customers, meaningful value for our shareholders, and enhanced career opportunities for our employees.”
The completion of the acquisition comes after the parties obtained all necessary regulatory approvals.
ICS 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.”
In addition, BWAY secured debt financing from Bank of America Merrill Lynch, Goldman Sachs Bank USA, BMO Capital Markets, and Citigroup Global Markets in connection with the deal.
BWAY operates 115 plants across 20 countries throughout North America, Europe, Asia and South America.
The company’s rigid metal containers offering includes paint cans, steel pails, aerosol cans, F-style containers, monotop cans, pour top cans, ammunition boxes and oil cans.