EVANSVILLE, Ind.--(BUSINESS WIRE)--Jan. 20, 2017--
Today, Berry Plastics Group, Inc. (NYSE: BERY) completed the previously
announced acquisition of AEP Industries Inc. (AEP).
Berry issued 6.5 million common shares and paid $297 million as merger
consideration in exchange for all of the outstanding shares of AEP
common stock and outstanding AEP equity awards. Additionally, Berry paid
$164 million to retire outstanding AEP debt. Berry financed the cash
consideration of the acquisition with a new $500 million 7-year term
loan. Including the new shares issued, Berry's outstanding common stock
has increased to approximately 129 million shares, resulting in a market
capitalization of approximately $6.5 billion.
“We are extremely excited to complete the acquisition of AEP and to
welcome the AEP team to the Berry Plastics organization,” said Jon Rich,
Chairman and CEO of Berry Plastics. “The acquisition of AEP has given us
the opportunity to expand the breadth of product offerings and
production capacity within our Engineered Materials Division, enabling
us to better serve our customers. Moreover, we anticipate opportunity
for significant value creation for our shareholders, as we realize
synergies in both our operations and in our materials procurement.”
Citigroup acted as exclusive financial advisor and Bryan Cave acted as
legal advisor for Berry Plastics. BofA Merrill Lynch acted as exclusive
financial advisor and Skadden, Arps, Slate, Meagher & Flom and Honigman
Miller Schwartz and Cohn acted as legal advisors for AEP.
About Berry Plastics
Berry Plastics Group, Inc. is a leading provider of value-added plastic
consumer packaging, nonwoven specialty materials, and engineered
materials delivering high-quality customized solutions to our customers.
The Company’s world headquarters is located in Evansville, Indiana, with
net sales of $6.5 billion in fiscal 2016 and is listed on the New York
Stock Exchange under the ticker symbol BERY. For additional information,
visit the Company’s website at www.berryplastics.com.
Certain statements and information included in this release may
constitute "forward looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of Berry to be materially different from
any future results, performance, or achievements expressed or implied in
such forward looking statements. Additional discussion of factors that
could cause actual results to differ materially from management’s
projections, forecasts, estimates and expectations is contained in the
company’s Securities and Exchange Commission (“SEC”) filings, including
Berry’s Annual Report on Form 10-K filed with the SEC on November 30,
2016 and the registration statement on Form S-4 (File No. 333-213803),
as amended and supplemented, that Berry filed with the SEC in connection
with its acquisition of AEP. Berry does not undertake any obligation to
update any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
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Source: Berry Plastics Group, Inc.
Berry Plastics Group, Inc.