Berkshire Partners has sold Advanced Drainage Systems after being invested in the company for more than two decades. ADS manufactures and distributes corrugated high-density polyethylene pipe products and was advised by Barclays Capital on the deal. Berkshire's initial investment was part of a recapitalization of the company in 1988. Then in 2002, Berkshire transferred the company from its Fund I and Fund II portfolios to its Fund V and Fund VI portfolios, generating a 9x return. On top of that, the firm reaped another 5x return through its recent exit.