CINCINNATI,
OHIO, July 1, 2019 - Multi-Color Corporation ("Multi-Color
Corporation" or the "Company") today announced that the anticipated
acquisition of the Company by an affiliate of Platinum Equity, a
leading private equity firm, is now complete. At closing,
Multi-Color Corporation merged with a subsidiary of WS Packaging,
another label solutions leader within Platinum Equity's portfolio
of companies.
The combined company, which will be known as
Multi-Color Corporation and headquartered in Cincinnati, is a $2.2
billion USD per annum revenue business with 86 plants in 26
countries and over 10,000 global employees. WS Packaging is now a
Multi-Color Corporation business unit and will continue to serve
customers with its own management team, sales force, plants and
Green Bay, Wisconsin-based support services.
Nigel Vinecombe, Executive Chairman of Multi-Color
Corporation's Board of Directors since January 2016, and President
and CEO of the Company from June 2010 to January 2016, has been
named CEO for the combined company, bringing more than 35 years of
label industry experience to the role.
Mr. Vinecombe stated, "I am excited for this
opportunity to open new areas of growth for our company that will
allow us to even better serve our customers with a comprehensive
suite of label solutions across all regions, technologies and run
lengths. This is a testament to all Multi-Color Corporation has
achieved in our mission to deliver the world's best premium label
solutions - and we are confident this is only the beginning of what
we will accomplish together with WS Packaging."
Mr. Vinecombe succeeds Mike Henry, who is
transitioning into an advisory role with the Company.
"As we take these next steps, I want to thank Mike
for his leadership and the contributions he's made to Multi-Color's
growth and success," said Mr. Vinecombe.
Louis Samson, Partner, Platinum Equity, said,
"Bringing these companies together creates one of the most
extensive manufacturing and production footprints in the industry
and a business with unrivaled technology and expertise. We will
work with the management team to ensure a seamless transition and
will continue pursuing new avenues for growth."
As of July 1, 2019 Multi-Color Corporation is a
privately held company, and shares of Multi-Color Corporation
common stock will cease trading on the Nasdaq Stock Market after
the close of market today.
Goldman Sachs & Co. LLC served as financial
advisor to Multi-Color Corporation and Sidley Austin LLP and
Keating Muething & Klekamp PLL provided legal counsel to
Multi-Color Corporation. William Blair & Company has also
provided a fairness opinion to the Multi-Color Corporation Board of
Directors.
Latham & Watkins LLP served as legal counsel
to Platinum Equity.
About the New Multi-Color
Corporation
Cincinnati, Ohio, U.S.A. based Multi-Color Corporation, established
in 1916, is a leader in global label solutions supporting a number
of the world's most prominent brands including leading producers of
home and personal care, wine and spirits, food and beverage,
healthcare and specialty consumer products. Multi-Color Corporation
serves national and international brand owners in North, Central
and South America, Europe, Africa, China, Southeast Asia, Australia
and New Zealand with a comprehensive range of the latest label
technologies in Pressure Sensitive, In-Mold, Shrink Sleeve, Wraps,
Cut and Stack, Heat Transfer, Durables and Aluminum Foils.
Multi-Color Corporation employs approximately 10,000 employees
across 86 plants in 26 countries.
For additional information on Multi-Color Corporation, please
visit http://www.mcclabel.com. For additional information on
the WS Packaging business unit, please visit
https://www.wspackaging.com.
About Platinum
Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global
investment firm with approximately $13 billion of assets under
management and a portfolio of approximately 40 operating companies
that serve customers around the world. The firm is currently
investing from Platinum Equity Capital Partners IV, L.P. a $6.5
billion global buyout fund, and Platinum Equity Small Cap Fund, a
$1.5 billion buyout fund focused on investment opportunities in the
lower middle market. Platinum Equity specializes in mergers,
acquisitions and operations - a trademarked strategy it calls
M&A&O® - acquiring and operating companies in a broad range
of business markets, including manufacturing, distribution,
transportation and logistics, equipment rental, metals services,
media and entertainment, technology, telecommunications and other
industries. Over the past 23 years Platinum Equity has completed
more than 250 acquisitions.
Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include statements regarding
the future operations of Multi-Color Corporation. The words "may,"
"continue," "estimate," "intend," "plan," "seek," "will,"
"believe," "project," "expect," "anticipate" and similar
expressions are intended to identify forward-looking statements.
These statements are subject to inherent risks and uncertainties
that could cause actual results to differ materially from those
anticipated at the date of this press release, including the
factors described in the Company's annual report on Form 10-K for
the Company's fiscal year ended March 31, 2019 filed with the U.S.
Securities and Exchange Commission. The forward-looking statements
included in this press release are only made as of the date of this
press release, and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law. Readers are cautioned not to place undue reliance on
forward-looking statements.
Contacts
For Multi-Color Corporation:
Sharon E. Birkett
Vice President and Chief Financial Officer
513-345-5311
InvestorRelations@mcclabel.com
For Platinum Equity:
Dan Whelan
310-282-9202
Dwhelan@platinumequity.com
###
July 1, 2019 Press
Release
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Multi-Color Corporation via Globenewswire
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