Bemis Company, Inc. has reached an agreement to sell its global
Pressure Sensitive Materials business (known as “MACtac”) to Platinum Equity, a
California-based private equity firm, for a purchase price of $170 million. This transaction, which is subject to
customary closing conditions and regulatory approval, is expected to close
during the fourth quarter of 2014.
The Company plans to use the
proceeds of the sale to fund the growth of its flexible packaging
business. Commenting on the pending
transaction, William Austen, Bemis Company’s President and Chief Executive
Officer, said, "Bemis is now positioned to dedicate all of our resources
to accelerating strategic growth in our core flexible packaging business. Our focus on increasing sales of value-added
products for high barrier, medical, and pharmaceutical applications around the
world will support our improving performance metrics as well as our organic and
inorganic growth objectives.” Further,
Austen commented, “This transaction will provide an opportunity for the
Pressure Sensitive Materials management team to execute its growth strategy as
part of the Platinum Equity portfolio.”
The Pressure Sensitive Materials
business segment includes manufacturing facilities located in Scranton,
Pennsylvania; Columbus, Indiana; San Luis Potosi, Mexico; Soignies, Belgium;
and Genk, Belgium, along with offices located in Stow, Ohio, and a worldwide
sales and distribution network.
“We have developed a great
relationship with Bemis and are pleased to have crafted a divestiture solution
that meets their needs, while setting MACtac up for long-term success,” said
Platinum Equity Partner Louis Samson, who leads the Platinum Equity team
pursuing the acquisition. “We believe the
company is well positioned for growth, both organically and through prospective
add-on investments. We will provide
MACtac the resources, support, and focus it needs to thrive as a standalone
company.”
Platinum Equity has a highly
specialized focus on business operations and 19 years of experience owning and
operating businesses that have been acquired from large corporate parent
companies. Transactions Platinum Equity
has completed over the last two years include carve outs from AP Moeller
Maersk, CBS, Emerson, and Volvo.
Goldman, Sachs & Co. is
acting as financial advisor and Baker & McKenzie LLP is acting as legal
counsel to Bemis Company.
