GS Capital Partners has agreed to buy Myers Industries in a deal valued at $1.07 billion (€788 million). The deal comes days after GSCP closed the biggest-ever private equity fund on $20 billion.
Under the terms of the agreement, GSCP will pay shareholders $22.50 per share in cash; the deal also includes debt assumption of approximately $276 million. The transaction is subject to shareholder and regulatory approval as well as closing conditions.
Akron, Ohio-based Myers, a maker of polymer products, has 45 days to solicit alternative bids; should it accept a solicited offer, it would be required to pay GSCP a $25 million break-up fee.
KeyBanc Capital Markets is acting as financial advisor to Myers, while Benesch Friedlander Coplan & Aronoff is its legal advisor. Goldman Sachs is acting as financial advisor to GSCP, while Fried, Frank, Harris, Shriver & Jacobson is providing legal counsel.
The proposed equity investment is being made by GS Capital Partners VI, which closed Monday on $20 billion. It is the investment bank’s sixth buyout fund, and the largest mega fund to date.