Blackstone Agrees to Sell AVINTIV to Berry Plastics for $2.45B
August 03, 2015
Blackstone has entered into a definitive agreement to sell portfolio company AVINTIV to Berry Plastics Group (NYSE: BERY) for approximately $2.45 billion in cash. Backed by Blackstone in 2011, AVINTIV is a developer, producer and marketer of specialty materials used in infection prevention, personal care and high-performance solutions. It operates out of 23 locations across 14 countries and employs over 4,500 people. For the 12 months ended March 2015, the company generated pro forma revenues and adjusted EBITDA of $2.1 billion and $303 million, respectively. Berry Plastics, a provider of value-added plastic consumer packaging and engineered materials, expects to realize about $50 million in annual cost synergies from the acquisition.