Wayzata Selling Plastic Packaging Company for $266M
August 15, 2013
Wayzata Investment Partners has agreed to sell Portola Packaging to Silgan Holdings (NASDAQ: SLGN) for $266 million. Tallying 2012 sales of about $200 million, the company designs and manufactures tamper-evident plastic closures and bottles for the beverage and food industries. Wayzata has controlled Portola since 2008 when it acquired the company as part of a Chapter 11 reorganization plan. Portola has made strides since, including a sizable capital investment in two of its beverage closure facilities and a 2011 add-on acquisition for Integra-Seal.