Platinum Equity Set To Sell Atlanta-Based Manufacturer For $2.4B by PitchBook
Platinum Equity has agreed to sell BWAY, a manufacturer of rigid metal and plastic containers, to Stone Canyon Industries for $2.4 billion. The sale, expected to close in August, would nearly double Platinum’s $1.24 billion investment in BWAY from 2012.
BWAY is based in Atlanta, in the heart of the U.S. Southeast, a region where PE investment has slumped so far this year in line with the decline across the U.S. as a whole. According to the PitchBook Platform, companies in the U.S. Southeast closed 163 PE deals in the first quarter, a 6% dip QoQ and 18% drop YoY. (Throughout the U.S., those figures are 7% and 16%, respectively.) So far in 2Q, meanwhile, just 106 deals have been completed in the region.
Vanguard’s move into PE may change the landscape forever
Despite the lackluster deal counts, the U.S. Southeast has still seen big-ticket PE deals close this year. Here are some notable transactions:
- Apollo Global Management bought ADT (Boca Raton, FL) in a take-private deal worth about $6.9 billion.
- Pamplona Capital Management acquired MedAssets (Alpharetta, GA) for a total enterprise value of about $2.7 billion.
- Apollo purchased The Fresh Market (Greensboro, NC) for roughly $1.4 billion.
PitchBook subscribers can access our full dataset covering PE activity in the U.S. Southeast.