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| Client: |
PVC Container Corporation d/b/a Novapak (“Novapak”) |
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| Purchaser: |
Pretium Packaging LLC and Castle Harlan, Inc. |
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| Business: |
Novapak is a major producer of PET, HDPE, PP, and fluorinated HDPE bottles and containers for household,, personal care, healthcare, food, beverage, specialty chemical, and automotive appearance products. The company is headquartered in Eatontown, NJ, and operates five ISO 9001:2000 certified plants in New York, Pennsylvania, Illinois, and South Carolina. The business specializes in small to medium volumes of medium to large size plastic bottles (8 oz & up) requiring rapid commercialization, customized designs, and high package performance. |
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| Client Objective: |
BGL was engaged to serve as Novapak’s exclusive financial advisor in a potential sale. |
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| Results: |
BGL managed a global marketing process, creating a competitive sale environment which resulted in multiple preliminary indications and final bids with leading private equity and strategic buyers with strong interest in the plastic packaging market.
Novapak merged with Pretium Packaging LLC, which was simultaneously acquired by Castle Harlan, Inc, a New York-based buyout firm. The combined business was valued at approximately $200 million. In connection with the transaction, BGL provided a fairness opinion to Novapak’s Board of Directors.
Operating under the Pretium name, the combined business will generate more than $240 million of sales to over 500 customers from 14 manufacturing facilities in the U.S. and Canada. The business combination is expected to bring a broader range of products and services, including a full range of one-step and two-step PET bottles, as well as extrusion blow molding and injection blow molding alternatives in HDPE and PP.
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