US-based Loews Hotels subsidiary has signed a deal to purchase Consolidated Container Company (CCC) from Bain Capital Private Equity for around $1.2bn.

Subject to customary closing conditions, the proposed deal is set to be completed by the second quarter of this year.

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Loews expects to fund the deal with around 50% cash-on-hand and 50% debt.

Upon completion of the deal, CCC will function under a newly-created division called Loews Packaging Group.

Loews president and CEO James Tisch said: “We have been analysing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption.

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"CCC currently provides rigid plastic packaging solutions to various end markets, including the beverage, food and household chemical sectors."

“CCC is an outstanding company with a highly professional management team that can serve as a platform for growth, both organically and through acquisitions.”

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Headquartered in Atlanta, Georgia, US, CCC currently provides rigid plastic packaging solutions to various end markets, including the beverage, food and household chemical sectors. 

With a network of manufacturing locations across North America, CCC reliably provides quality products to its customers. 

The company specialises in customised mid and short-run packaging solutions and operates Envision Plastics, a recycled and compounded post-consumer resin business.

CCC currently has 57 rigid plastic packaging manufacturing facilities, two recycled resins manufacturing facilities across North America.