Platinum Equity Set To Sell Atlanta-Based Manufacturer For $2.4B

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.

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Despite the lackluster deal counts, the U.S. Southeast has still seen big-ticket PE deals close this year. Here are some notable transactions:

  1. Apollo Global Management bought ADT (Boca Raton, FL) in a take-private deal worth about $6.9 billion.
  2. Pamplona Capital Management acquired MedAssets (Alpharetta, GA) for a total enterprise value of about $2.7 billion.
  3. 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.

Platinum Equity Set To Sell BWAY