BPC Holding Corp., the parent company of Berry Plastics Corp., signed a definitive agreement to be acquired by private-equity firms Apollo Management and Graham Partners for $2.25 billion.
Following the deal, expected to close by the end of the third quarter, Apollo will own a majority of Berry'scommon stock.
"We are very excited to be purchasing Berry Plastics, which we believe is a true franchise business and one of the best positioned, highest margin specialty packaging businesses in the industry," said Joshua Harris, a founding partner of Apollo Management. "We are particularly pleased to be partnering with Ira Boots and the management team of Berry, which is among the strongest we've encountered in the packaging or any other industry. We look forward to continuing to successfully implement Berry's proven growth strategy in the years to come."
Boots will remain President and Chief Executive Officer and the existing senior management team will continue to lead Berry Plastics following the transaction.
Berry Plastics is a manufacturer and marketer of rigid plastic packaging products.