California-based Oak Hill Capital Partners has acquired Berlin Packaging from Bahrain-based Investcorp. The deal is valued at 1.43 billion.
The transaction is expected to close in the third quarter of this year.
Both Oak Hill and Investcorp declined to comment on the transaction.
Sources familiar with the deal say Oak Hill’s investment came from its Oak Hill Capital Partners Fund III which closed in 2009 on $3.8 billion. The investment will be in partnership with Berlin’s current management team.
Chicago-based Berlin Packaging is a supplier of rigid packaging products and services in North America. The firm provides services that include structural and brand design, worldwide sourcing, warehousing and logistics, and capital financing. Andrew Berlin, the CEO of Berlin Packaging, is also a limited partner of the Chicago White Sox as well as chairman and owner of the South Bend Silver Hawks baseball team – a farm team for the Arizona Diamondbacks.
Investcorp first took a majority interest in the company in 2007 for an undisclosed sum. Last year, Investcorp completed a $610 million dividend recapitalization of the company in partnership with Berlin's founders and management team. Proceeds from the credit facility refinanced current debt and also provided a distribution to shareholders and existing management.
Barclays Capital and Deutsche Bank acted as financial advisors to Berlin Packaging in the transaction. Morgan Stanley acted as exclusive financial advisor to Oak Hill in the transaction.