NEW YORK, April 11, 2017 /PRNewswire/ -- Loews
Corporation (NYSE: L) today announced that it has entered into an
agreement to acquire Consolidated Container Company (CCC), a
leading rigid plastic packaging manufacturer based in Atlanta, GA, from Bain Capital Private Equity
for approximately $1.2 billion,
subject to customary purchase price adjustments. CCC will be a part
of a newly-created segment called Loews Packaging Group.
"We have been analyzing the packaging industry for some time
because it fits our key acquisition criteria: It is a fragmented
industry that generates strong cash flows and we believe it is
unlikely to be subject to major technological disruption," said
James Tisch, President and CEO of
Loews. "CCC is an outstanding company with a highly
professional management team that can serve as a platform for
growth, both organically and through acquisitions."
CCC provides packaging solutions to stable end markets such as
beverage, food, and household chemicals. With a network of
manufacturing locations across North
America, CCC reliably provides quality products to its
customers.
"I am extremely excited for CCC to become part of
Loews," said Sean R. Fallmann,
President and CEO of CCC. "I have every confidence that Loews
will be an excellent partner for CCC as we continue to invest in
differentiated capabilities to best serve our customers. It
remains our mission to be the packaging solutions provider of
choice in North America."
"Sean and the team at CCC have done a remarkable job building
the business and creating a differentiated platform," said
Steven Barnes, a Managing Director
at Bain Capital Private Equity. "We have enjoyed partnering with
management in establishing a culture of safety and innovation and
building a strong foundation based on differentiated operating and
commercial capabilities. These advantages will continue to serve
the company well under Loews's ownership."
The acquisition agreement is subject to customary closing
conditions. The transaction is expected to close in the second
quarter of 2017, and will be funded with approximately 50 percent
cash-on-hand and 50 percent debt at CCC.
For more information on this announcement please visit:
https://loews.com/filestore/april-2017-loewsnews.pdf
About Loews Corporation
Loews Corporation is a
diversified company with three publicly-traded subsidiaries: CNA
Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc.
(NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP); and one
wholly owned subsidiary, Loews Hotels & Co. For more
information, please visit www.loews.com.
About Consolidated Container Company
CCC is a leading
developer and manufacturer of rigid plastic packaging solutions in
North America. CCC specializes in
customized mid- and short-run packaging solutions, serving a
diverse customer base in the household chemicals,
food/nutraceuticals, industrial/specialty chemicals, water, and
beverage/juice markets. CCC also operates a leading recycled and
custom compounded post-consumer resin business, Envision Plastics.
With 57 rigid plastic packaging manufacturing facilities, two
recycled resins manufacturing facilities, and 2,300 employees, CCC
has an integrated, nationwide network that consistently delivers
reliable and cost-effective packaging and recycled resin solutions
to meet the needs of a wide range of customers and markets. From
its state-of-the-art Studio PKG, to the recycling technologies of
Envision Plastics, to its experienced manufacturing teams across
its network, CCC delivers high-performance, cost-effective
solutions to meet even the most challenging applications.
About Bain Capital
Bain Capital Private Equity
(www.baincapitalprivateequity.com) has partnered closely with
management teams to provide the strategic resources that build
great companies and help them thrive since its founding in
1984. Bain Capital's team of more than 220 investment
professionals creates value for its portfolio companies through its
global platform and depth of expertise in key vertical industries,
including industrials, consumer/retail, financial and business
services, healthcare, and technology, media and
telecommunications. In addition to private equity, Bain
Capital invests across asset classes including credit, public
equity and venture capital, and leverages the firm's shared
platform to capture opportunities in strategic areas of focus.
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SOURCE Loews Corporation