Platinum Equity and Ball Corporation Complete Sale of Ball Metalpack to Sonoco for $1.35 Billion

LOS ANGELES and WESTMINSTER, Col., January 27, 2022 /PRNewswire/ — Platinum Equity announced today that the sale of Ball Metalpack to Sonoco (NYSE: SON) in a transaction valued at approximately $1.35 billion has been completed.

Platinum Equity announced today that the sale of Ball Metalpack to Sonoco (NYSE: SON) in a transaction valued at approximately $1.35 billion has been completed.

Ball Metalpack, based in Broomfield, Coloradomanufactures durable steel containers for aerosol products, food, household consumables, pet food, nutritional and other products in United States. It was created as a joint venture between Platinum Equity and Ball Corporation in 2018. Platinum Equity owned 51% of the business and Ball Corporation owned 49%.

The sale is the culmination of a comprehensive three-year transformation program through which Platinum Equity and Ball established Ball Metalpack as a stand-alone business and then drove a wide range of operational improvements across the business. Priorities for the transformation program included optimizing the footprint, developing new products, expanding business capabilities, and investing in growth and operational excellence. Ball Metalpack has invested approx. $100 million in state-of-the-art manufacturing infrastructure since 2018.

“We are proud of our partnership with Ball Corporation and all that we have accomplished working together over the past three years,” said Louis Samson, Platinum Equity Partner. “By joining forces, we have been able to deliver on behalf of the company and its shareholders. This investment is another success story of aligning our interests with those of one of the world’s leading companies and creating valuable to both of us.”

Ball joins Caterpillar (Neovia Logistics), Emerson (Artesyn Technologies and Vertiv) and Telstra (Sensis) on the list of companies that participated in the rise in shares with Platinum Equity.

“This investment brought together Platinum’s decades of experience in separating businesses with our well-defined playbook for creating value in packaging. We will continue to leverage both to pursue new opportunities,” said the managing director of Platinum Equity. Delara Zarrabi. “We are grateful for everything Jim Peterson and the team at Ball Metalpack have done it and we believe Sonoco is the perfect home for the future.”

Goldman Sachs acted as financial advisor to Ball Metalpack on the sale to Sonoco. Latham & Watkins LLP acted as legal counsel to Platinum Equity in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to Ball Corporation.

About Platinum Equity
Founded in 1995 by Tom GoresPlatinum Equity is a global investment firm with over $25 billion of assets under management and a portfolio of approximately 50 operating companies serving clients worldwide. The company is currently investing with Platinum Equity Capital Partners V, a $10 billion global buyout fund and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a branding strategy it calls M&A&O® – the acquisition and operation of companies in a wide range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years, Platinum Equity has made over 300 acquisitions.

Media contacts:

Dan Whelan
Platinum Stocks
(310) 282-9202
dwhelan@platinumequity.com

Platinum Equity logo (PRNewsfoto/Platinum Equity)

Platinum Equity logo (PRNewsfoto/Platinum Equity)

Quote

Quote

View original content to download multimedia: https://www.prnewswire.com/news-releases/platinum-equity-and-ball-corporation-complete-sale-of-ball-metalpack-to-sonoco-for-1 -35-billion-301469317.html

SOURCE Platinum Equity


Source link

Comments are closed.