New York (September 20, 2006) - Berry Plastics Group, Inc., an affiliate of the private equity firms Apollo Management, L.P. and Graham Partners today completed their previously announced acquisition of BPC Holding Corporation (parent of Berry Plastics Corporation) from Goldman Sachs Capital Partners and JPMorgan Partners. Mr. Ira Boots will remain President and Chief Executive Officer and the existing senior management team will continue to lead Berry Plastics.
"We are very excited about being acquired by Apollo Management and Graham Partners. Servicing our customers while meeting the needs of our employees, owners and investors will remain our focus. The management skills and packaging sector knowledge provided by Apollo Management and Graham Partners, coupled with the strength of Berry Plastics, will set the trend in leveraged buyouts," said Mr. Boots. "We are grateful for the past successes achieved by Berry Plastics under the leadership of Joe Gleberman, Goldman Sachs Capital Partners, and Mat Lori, CCMP Capital Advisors, LLC."
About Apollo Management, L.P.
Apollo Management, L.P., founded in 1990, is among the most active and successful private investments firms in the United States in terms of both number of investment transactions completed and aggregate dollars invested. Since its inception, Apollo has managed the investment of an aggregate of approximately $13 billion in equity capital in a wide variety of industries, both domestically and internationally. Apollo is currently investing its sixth corporate fund, Apollo Investment Fund VI, L.P., which has total committed capital (including co-investment entities) of approximately $12 billion.
About Graham Partners
Graham Partners is a leading 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 that participate in growing manufacturing niches, often involving plastics or other synthetic materials, where Graham can leverage its unique combination of operating resources and financial expertise.
About Berry Plastics
Berry Plastics is a leading manufacturer and marketer of rigid plastic packaging products. Berry Plastics provides a wide range of rigid open top and rigid closed top packaging as well as comprehensive packaging solutions to over 12,000 customers, ranging from large multinational corporations to small local businesses. In the fiscal year ended December 31, 2005, the company had pro forma annual sales of $1.3 billion. Based in Evansville, Indiana, the company has 25 manufacturing facilities worldwide and more than 6,800 employees.
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 Plastics 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 companies' SEC filings. The companies do 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.
Please contact:
Apollo Management, L.P.
Steven Anreder
(212) 532-2232
Graham Partners
Chris Lawler
(812) 434-0500
BPC Holding Corporation
Diane Tungate
(812) 434-9370
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