Flexible packaging supplier Bemis Company has announced the sale of its global pressure sensitive materials business, MACtac to Platinum Equity for $170m.
Bemis, that specialises in producing pressure sensitive materials for food, consumer products, healthcare and other companies, had first declared its plan to sell MACtac in September. The proceeds from this sale will be used to strengthen its flexible packaging business.
MACtac business segment includes manufacturing facilities located in Pennsylvania, Indiana, Mexico and two facilities in Belgium along with offices located in Stow, Ohio, and a worldwide sales and distribution network.
Bemis Company's president and CEO William Austen had previously said: "Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business. Our focus on increasing sales of value-added products for high barrier, medical, and pharmaceutical applications around the world will support our improving performance metrics as well as our organic and inorganic growth objectives.
"This transaction will provide an opportunity for the Pressure Sensitive Materials management team to execute its growth strategy as part of the Platinum Equity portfolio."
Platinum Equity Partner Louis Samson, who leads the Platinum Equity team pursuing the acquisition said: "We have developed a great relationship with Bemis and are pleased to have crafted a divestiture solution that meets their needs, while setting MACtac up for long-term success.
"We believe the company is well positioned for growth, both organically and through prospective add-on investments. We will provide MACtac the resources, support, and focus it needs to thrive as a standalone company."
While Goldman, Sachs acted as financial advisor to the company, Baker and McKenzie acted as its legal counsel.
Image: Bemis manufactures pressure sensitive materials for food, consumer products, healthcare and other companies. Photo: courtesy of Bemis Co.
