Graham Partners Premieres an Additional Feature Film
December 1st, 2020
Graham Partners, a private investment firm targeting technology-driven advanced manufacturing companies, has completed the acquisition of Berry Global Group, Inc.’s (NYSE: BERY) flexible packaging converting business. The acquired business is comprised of six printing and laminating flexible packaging facilities, formerly a part of Berry Global’s North American extrusion, converting and coating business. Concurrent with the closing, the business will be combined with Graham Partners’ flexible packaging portfolio company, Advanced Barrier Extrusions, LLC (“ABX”), which Graham Partners initially acquired in August 2018. The business will operate under the ABX name going forward.
ABX is the beneficiary of several consumer megatrends that are driving growth, including a shift in preference toward clean labels, convenience, on-the-go lifestyles, increased spending on fresh foods, heightened focus on food safety, sustainability, and brand / SKU proliferation. Through this acquisition, ABX expands geographically, adds attractive categories (such as personal care and healthcare packaging), and increases its revenue by over $200 million. The combination holds significant synergy potential and creates a vertically integrated business spanning multiple extrusion technologies, printing, laminating, bagging, coating, finishing and niche packaging operations. Importantly, certain members of ABX’s current leadership team had oversight of these particular facilities during their tenure at Berry, affording them keen commercial and operational insights that should jumpstart Graham Partners’ value creation initiatives.
William Timmerman, Managing Principal at Graham Partners, said, “Combined, the strong R&D cultures of these two businesses offer exciting possibilities for the future. We intend to sustain and accelerate their proven track record of developing innovative new products to better serve customers.” Larry Goldstein, ABX CEO, added, “We are excited to bring our expanded capabilities to the market and realize the synergy potential of this combination. I am looking forward to working again with many familiar faces to achieve future growth and profitability.” Steven Graham, CEO of Graham Partners, stated, “This acquisition should benefit from our extensive experience building premier packaging businesses, as well as our strong network of contacts within the industry. In particular, we are enthusiastic about having Larry and the ABX team provide renewed strategic direction and leadership to this business.”
Headquartered in Charlotte, NC, and with eight manufacturing facilities, ABX utilizes state of the art technology to produce co-extruded high barrier films of as many as 11 layers; up to 12 color narrow and wide web flexographic printed rollstock, bags and pouches; and solvent and solvent-less laminations. ABX’s innovative packaging solutions are used in a wide variety of food and healthcare packaging applications.
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