Sen. Dan Coats Visits Berry Plastics: Views Positive Impact Linked to Private Equity Investments
Berry Plastics’ Chairman and CEO Jon Rich: “Private Equity’s investment provided Berry Plastics with resources to strategically expand our Company and invest in research and technology to foster the development of innovative new product solutions for our customers.”
EVANSVILLE, IN., February 15, 2013 – Today Senator Daniel Coats (R-IN) visited the employees and management team of Berry Plastics (NYSE: BERY) at corporate headquarters in Evansville, Indiana. Berry Plastics is a leading manufacturer and marketer of plastic packaging products and is majority owned by funds managed by Private Equity firm Apollo Global Management, LLC. Berry Plastics began trading on the New York Stock Exchange in October 2012.
In September 2006, Apollo and Private Equity firm Graham Partners acquired Berry Plastics. For fiscal year 2012, Berry Plastics reported net sales of $4.8 billion, as compared to net sales of $1.2 billion in the fiscal year ended December 31, 2005. During this same time period, the Company more than doubled its employee headcount. Berry Plastics currently serves over 13,000 customers of all sizes across the globe.
“Private Equity’s investment provided Berry Plastics with resources to strategically expand our Company and invest in research and technology to foster the development of innovative new product solutions for our customers,” said Berry Plastics’ Chairman and CEO, Jon Rich. “The expertise and vision Private Equity brought along with their capital investment was a key contributor in the successful growth of Berry Plastics.”
As part of an ongoing program to introduce lawmakers to private equity-backed businesses in their districts, the Private Equity Growth Capital Council (PEGCC) arranged for Sen. Coats to meet Berry Plastics employees and tour its facility. The PEGCC launched a website, (http://www.PrivateEquityAtWork.com), to highlight the productive role that private equity plays in the U.S. economy. In 2011 alone, private equity firms invested nearly $144 billion in U.S.-based companies. Private equity firms invested an estimated $33.2 billion in Indiana-based companies over the last 10 years, and there are approximately 256 private equity-backed companies in the state. These companies employ 136,600 people at all their facilities, including those outside Indiana.
“Private equity owned companies can be found in every state and Congressional District in the United States, creating new jobs and reinvigorating the national economy,” said Steve Judge, PEGCC president and CEO. “Strengthening companies, like Berry Plastics, is the cornerstone of the private equity business model. Our effort to highlight successful investments provides the public, policy makers, and the media tangible examples of private equity investment driving economic activity and growth across U.S. economy.”
About Berry Plastics
Berry Plastics Corporation is a leading manufacturer and marketer of plastic packaging products. The Company 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, flexible packaging, heat-shrinkable coatings, specialty laminates, and FIBCs. With headquarters in Evansville, Indiana, the Company serves over 13,000 customers, ranging from large multinational corporations to small local businesses.
About Private Equity at Work
Private Equity at Work is an initiative by the Private Equity Growth Capital Council aimed at educating media, policy makers and the public about the private equity industry and its positive contributions to the American economy. The campaign is anchored by a website and resource center, (http://www.PrivateEquityAtWork.com), and features educational content, industry data and an in-depth look at specific private equity investments that are driving growth and creating jobs.
About the Private Equity Growth Capital Council
The Private Equity Growth Capital Council (PEGCC) is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity and growth capital investment industry and its contributions to the national and global economy. Established in 2007 and formerly known as the Private Equity Council, the PEGCC is based in Washington, D.C. The members of the PEGCC are the world’s leading private equity and growth capital firms united by their commitment to growing and strengthening the businesses in which they invest. More information about the PEGCC can be found at (http://www.investmentcouncil.org).