Platinum Equity set to sell Atlanta-based manufacturer for $2.4B
June 14, 2016
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.
Despite the lackluster deal counts, the U.S. Southeast has still seen big-ticket PE deals close this year. Here are some notable transactions: