M Is the Magic Letter to Close out the Year for Graham Partners
January 9th, 2008
PHILADELPHIA, January 9, 2008 – Two Graham Partners portfolio companies, TransAxle and Berry Plastics, ended 2007 on a high note, enhancing their industry leading positions by acquiring Maryland Truck Parts and MAC Closures, respectively, in the last two weeks of 2007. Also in late December, Berry announced that it has entered into a definitive agreement to acquire Captive Plastics, Inc. in the first quarter of 2008, subject to customary closing conditions. Graham Partners is a leading private equity firm focused on investing in established, growing manufacturing companies. TransAxle is one of the largest East Coast remanufacturers of transmissions, differentials, hydraulic pumps and other specialized components for medium and heavy-duty trucks, as well as off-highway equipment, while Berry Plastics is a leading manufacturer and marketer of plastic packaging products.
Maryland Truck Parts, Inc., the assets of which were acquired by TransAxle, supplies new, used and rebuilt truck parts to the medium and heavy duty truck aftermarket, while specializing in transmissions, steering boxes and differentials, as well as complete drive shaft and transmission repair services. Rob Newbold, Managing Principal of Graham Partners, stated: “TransAxle has developed a business model to capitalize on the growth and strong value proposition of remanufactured transmissions and other aftermarket medium and heavy duty truck components. This add-on acquisition extends TransAxle’s reach into an attractive, new geographic region.”
MAC Closures, acquired by Berry Plastics, is a fully integrated manufacturer of injection molded plastic caps and closures primarily serving the pharmaceutical, nutraceutical, personal care, amenity, household and industrial chemical industries. MAC Closures manufactures stock and custom products for U.S. and Canadian based private and national brand owners, distributors and other packaging suppliers. Ira Boots, Chairman and CEO of Berry Plastics Corporation, stated: “The acquisition of MAC Closures is a continuation of Berry’s strategic plan to expand our North American position by combining with industry leading companies to provide a full product offering of plastic packaging to our customers. Our customers, employees and investors will benefit from the combination of these two outstanding companies.”
About Graham Partners (www.grahampartners.net): Graham Partners is a leading, lower middle market industrial private equity firm based in suburban Philadelphia with over $850 million under management. Graham Partners is sponsored by the privately held Graham Group of York, Pennsylvania, an industrial and investment concern with global interests in plastics, packaging, machinery, building products and outsource manufacturing. Graham Partners seeks to acquire industrial companies with revenues between $20 million and $350 million that participate in manufacturing niches where it can leverage its unique combination of operating resources and financial expertise.
About TransAxle (www.transaxle.com): TransAxle is one of the largest East Coast remanufacturers of transmissions, differentials, hydraulic pumps and other specialized components for medium and heavy-duty trucks, as well as off-highway equipment. The company focuses on the “out-of-warranty” segment of the market through its captive branch network across the Eastern Seaboard. TransAxle stands to benefit from the conversion to increasingly complex transmissions, coupled with a shift from manual to automatic transmissions in the heavy duty truck market.
About Berry Plastics (www.berryplastics.com): Berry Plastics is a leading manufacturer and marketer of plastic packaging products. Berry Plastics is a major producer of a wide range of products, including open top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, heat-shrinkable coatings and specialty laminates to over 13,000 customers, ranging from large multinational corporations to small local businesses. Based in Evansville, Indiana, the company has 58 manufacturing facilities worldwide and more than 12,900 employees.
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