Bain Capital has agreed to sell plastic packaging manufacturer Consolidated Container (CCC) to Loews (NYSE: L) for approximately $1.2 billion in a deal funded equally by cash and debt. The Atlanta-based CCC, which serves customers in the food & beverage, household and other industries, will become part of the new Loews Packaging Group upon completion of the sale.
With the deal, Bain Capital will exit an investment from 2012, when the firm bought CCC from Vestar Capital Partners in a deal valued at roughly $800 million. On a broader scale, the sale would represent what's become a rare PE-backed exit in the plastic containers & packaging sector. Deal count has declined each of the past two years, dropping from 12 in 2014 to just four last year, according to the PitchBook Platform.
PitchBook subscribers can check out more info on PE exit activity in the American plastic containers & packaging space right here.