Platinum Equity company BWAY has sealed off the previously announced deal pertaining to the acquisition of Canadian firm Ropak Packaging in a transaction worth $265m.
According to the North American rigid containers supplier BWAY, the acquisition of Ropak from the Linpac Group was closed in less than three months after it was acquired by Platinum Equity in November 2012.
Post acquisition, Platinum Equity launched operational and mergers and acquisitions (M&A) initiatives to strengthen the company.
Platinum Equity partner Louis Samson said that the group plans to work with the management team and help BWAY grow and attain new levels of success.
"We will continue evaluating opportunities to grow and expand the business, both organically and through other potential acquisitions," Samson said.
The integration of the two companies, which is believed to enhance BWAY’s earnings power, will serve as a deleveraging event.
BWAY president and chief executive officer Kenneth Roessler said: "Integrating Ropak into our business creates an excellent opportunity to broaden our product portfolio and expand our reach."
Under the terms of the agreement, which was announced on 3 December 2012, BWAY will acquire Ropak from Linpac through a stock purchase.
Prior to Ropak acquisition, BWAY operated 22 plants throughout the US and Canada, serving industry customers on a national basis.
Rigid, plastic shipping containers producer Ropak serves the consumer goods, food processing, construction, dairy, petroleum and other industries.
Image: BWAY acquires Ropak from Linpac Group for $265m. Photo: courtesy of LINPAC Group.