M&A Deal Summary

Graham Partners and Apollo Global Management Acquires Berry Global

On June 28, 2006, private equity firm Graham Partners and asset manager Apollo Global Management LLC acquired plastics company Berry Global, Inc. from Laud Collier Capital LLC, Goldman Sachs Merchant Banking and CCMP Capital Advisors for 2.3B USD

Acquisition Highlights
  • This is Graham Partners’ 4th and Apollo Global Management’s 1st transaction in the Plastics sector.
  • This is Graham Partners’ 1st and Apollo Global Management’s 16th largest (disclosed) transaction.
  • This is Graham Partners’ 13th and Apollo Global Management’s 9th transaction in the United States.
  • This is Graham Partners’ 1st and Apollo Global Management’s 1st transaction in Indiana.

M&A Deal Summary

Date 2006-06-28
Target Berry Global, Inc.
Sector Plastics
Buyer(s) Graham Partners
Apollo Global Management LLC
Sellers(s) Laud Collier Capital LLC
Goldman Sachs Merchant Banking
CCMP Capital Advisors
Deal Type Secondary Buyout
Deal Value 2.3B USD
Advisor(s) Goldman Sachs Investment Banking Division
J.P. Morgan Securities LLC (Financial)

Target

Berry Global, Inc.

Evansville, Indiana, United States
website
Berry is a manufacturer and marketer of plastic packaging products for personal care, household, industrial and transportation markets. Berry was established in 1967 and is based in Evansville, Indiana.

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Buyer(S) 2

Buyer

Graham Partners

Newtown Square, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 1.3B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Graham Partners, Inc. is a private equity that targets middle market industrial and manufacturing companies. The Firm seeks to invest in businesses based in the US and also consider investments in Canada and Western Europe. Graham Partners focuses on strong growth potential companies with high return on invested capital, led by experienced management teams in revenues between $30 - $500 million and EBITDA between $5 million and $50 million. The firm typically invests between $10 million and $100 million in equity and the balance via debt and can invest higher than $100 million through co-investments. Broad areas of interest include building products, water management, medical products, consumer products, packaged food & beverage, packaging, aerospace/defense, agriculture, capital equipment, energy related products, home and outdoor, sports and leisure, and transportation services. Prospective transaction types include MBOs, recapitalization and growth capital financing. Graham Partners, Inc. is an affiliate of The Graham Group was formed in 1988 and is based in Newton Square, Pennsylvania.


DEAL STATS #
Overall 14 of 45
Sector (Plastics) 4 of 6
Type (Secondary Buyout) 4 of 11
State (Indiana) 1 of 2
Country (United States) 13 of 42
Year (2006) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-30 Infiltrator Water Technologies LLC

Old Saybrook, Connecticut, United States

Infiltrator Water Technologies LLC is a manufacturer of products for the water and wastewater industries. Infiltrator manufactures a variety of revolutionary products and innovative, environmentally friendly alternatives to traditional stone and pipe leachfield and concrete septic wastewater system components. Infiltrator Water Technologies LLC was founded in 1987 and is based in Old Saybrook, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-28 TransAxle LLC

Cinnaminson, New Jersey, United States

TransAxle LLC is a remanufacturer of drivetrain related components (transmissions, differentials, hydraulic pumps, and motors) and is an authorized distribution partner of ArvinMeritor, Eaton, Dana, Bendix, and over 100 other OE product lines. Transaxle was founded in 1979 and is based in Cinnaminson, New Jersey.

Buy -
Buyer

Apollo Global Management LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 10 of 100
Sector (Plastics) 1 of 2
Type (Secondary Buyout) 3 of 21
State (Indiana) 1 of 2
Country (United States) 9 of 73
Year (2006) 2 of 3
Size (of disclosed) 16 of 41
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Linens ‘N’ Things

Sacramento, California, United States

Linens ‘N Things is a retailer and brand of home goods and furnishings.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Federal Broach & Machine Co.

Harrison, Michigan, United States

Federal Broach & Machine Company is a manufacturer of specialized broach machines and broach tools.

Buy -

Seller(S) 3

SELLER

Laud Collier Capital LLC

Short Hills, New Jersey, United States

Investor Investor Investor

website


Category Merchant Bank
Founded 2002
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Laud Collier Capital LLC is a private equity firm focused on acquiring controlling interests in US based middle-market companies. Sectors of interest include basic materials, consumer products, business services, distribution, and transportation. Laud Collier looks to commit $5 to $25 million of equity capital per transaction in companies valued up to $150 million. Laud Collier will not invest in oil and gas exploration, real estate, technology development, or retailing. Laud Collier Capital LLC was formed in 2002 and is based in Chatham, New Jersey.


DEAL STATS #
Overall 6 of 11
Sector (Plastics) 1 of 3
Type (Secondary Buyout) 2 of 2
State (Indiana) 1 of 1
Country (United States) 6 of 11
Year (2006) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Oneida Molded Plastics LLC

Oneida, New York, United States

Oneida Molded Plastics LLC is a manufacturer of premium injection-molded plastic products and high quality secondary value-added services. Oneida Molded Plastics was founded in 1964 and is based in Oneida, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 General Products Corp.

Livona, Michigan, United States

General Products Corp. is a provider of full-service supplier of highly-engineered, complex and precision-machined components and assemblies to the North American automotive and heavy-duty truck markets.

Buy -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 12 of 101
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 2 of 30
State (Indiana) 1 of 2
Country (United States) 7 of 72
Year (2006) 4 of 6
Size (of disclosed) 9 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-18 Nuera Communications, Inc.

Somerset, New Jersey, United States

Nuera Communications - a provider of Voice-over-Internet Protocol (VoIP) infrastructure solutions.

Sell $85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-07 Cebridge Connections Holdings LLC (Suddenlink)

Saint Louis, Missouri, United States

Cebridge Connections Holdings, LLC (d/b/a Suddenlink) (“Cebridge”) is a major U.S. cable broadband provider, supporting the information, communication and entertainment demands of approximately 1.3 million customers in North Carolina, West Virginia, Missouri, Arkansas, Louisiana, Texas, Oklahoma and California.

Buy -
SELLER

CCMP Capital Advisors

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

CCMP Capital Advisors is a large private equity firm focused on buyout and growth equity opportunities across Asia, North America and Western Europe valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase with offices in New York, Houston, and London.


DEAL STATS #
Overall 28 of 72
Sector (Plastics) 1 of 2
Type (Secondary Buyout) 4 of 21
State (Indiana) 1 of 1
Country (United States) 25 of 55
Year (2006) 5 of 6
Size (of disclosed) 6 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-05 Cumulus Media Partners LLC

Atlanta, Georgia, United States

Cumulus Media Partners, LLC owns and operates radio broadcasting stations. The company, through its AM and FM radio stations, serves listeners, communities, advertisers, and agencies in Dallas, Houston, San Francisco, Atlanta, Cincinnati, Indianapolis, York, Albemarle, and Anniston. The company was formerly known as Susquehanna Radio Corp. and it changed its name to Cumulus Media Partners, LLC in May, 2006.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-06 HOB Entertainment, Inc.

Beverly Hills, California, United States

House of Blues Entertainment LLC (HOB) is a multidimensional entertainment company that capitalizes on the popularity and universality of music through the development of its House of Blues brand. HOB operates destination-based entertainment clubs, which integrate a live music hall, a theme restaurant and bar and a specialty retail store. HOB Entertainment was acquired by Live Nation in November of 2006.

Sell $350M