Stone Canyon Industries (SCI) has announced recapitalization of its packaging subsidiary with a minority investment from Ontario Teachers', Canyon Capital, PSP Investments and Arcadia.
Under the deal, SCI is issuing $850m series A preferred stock to affiliates of Canyon Capital Advisors, Public Sector Pension Investment Board (PSP Investments) and existing investors.
SCI is also issuing series B preferred stock to Ontario Teachers' Pension Plan, Arcadia Investment Partners and PSP Investments.
The company will use proceeds from the deal for general corporate purposes, including distribution to existing equityholders.
BWAY CEO Ken Roessler said: "We are pleased to partner with Ontario Teachers', Canyon, PSP Investments and Arcadia, and look forward to working together.
"The combined company continues to perform strongly. Bringing together these partners represents the next step in the evolution of the company as a global leader in the rigid packaging space."
Stone Canyon Packaging chairman James Fordyce said: "We are excited to have them join us in building one of the world's largest rigid packaging companies. Ken Roessler and his team have done a wonderful job. We thank them for their hard work."
BWAY supplies general line rigid containers to the customers in the North America region.
The company produces metal containers such as paint cans, steel pails, aerosol cans, F-style containers, monotop cans, pour top cans, ammunition boxes and oil cans.
BWAY also produces rigid plastic packaging products, comprising pails, drums, and hybrid paint cans.
Mauser provides industrial rigid packaging products and services to the customers. The company produces plastic packaging, fiber drums, steel drums and intermediate bulk containers (IBC).
The company is also engaged in the reconditioning of used IBCs and plastic drums.
