Investcorp to acquire US packaging company(2)

Bahrain-based Investcorp will buy a majority stake in Berlin Packaging, just weeks after the first close on its latest fund.

Bahrain alternatives group Investcorp has agreed to acquire a majority interest in Berlin Packaging. Financial terms of the deal, which is expected to close in the third quarter, were not disclosed.

Chicago-based Berlin Packaging provides plastic, glass and metal containers, closures and dispensing systems to customers in food and beverage, personal care, healthcare and chemicals markets. The company has annual revenues of $300 million (€218 million).

Investcorp will acquire a majority ownership interest in the company from Andrew Berlin, its president and chief executive officer, and Melvin Berlin, co-owner and chairman.

Investcorp manages $10 billion of assets across four sectors: private equity, venture capital, real estate and hedge funds. Its common shares have a primary listing on the Bahrain Stock Exchange. Last December the firm also listed on the London Stock Exchange, placing $420 million global depository receipts on the exchange at an offer price of $29 per receipt.

This June, the firm held a first close on its first fund to focus on institutional investors outside the Gulf region. The fund has committed capital of around $620 million, including $270 million from Investcorp and its affiliates.

Investcorp’s investments this fiscal year have included Icopal, a producer of roofing and waterproofing membranes, Greatwide, a transportation and logistics services company, Armacell, a developer and producer of flexible technical insulation and Moody International, a provider of inspection services and outsourced personnel supply to the oil and gas, mining and construction sectors.