Sen. Dan Coats visits private equity-owned Berry Plastics in Evansville, Indiana; highlights the value of visiting growing companies
Last week, Senator Dan Coats (R-IN) visited Berry Plastics 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.
In September 2006, Apollo and private equity firm Graham Partners acquired Berry Plastics. Since its acquisition, Berry Plastics has increased net sales to $4.8 billion for fiscal year 2012 from $1.2 billion in the fiscal year ended December 31, 2005. During this same time period, the Company also more than doubled its employee headcount. Berry Plastics currently serves more than 13,000 customers of all sizes across the globe.
The Evansville Courier & Press highlighted Berry’s growth:
“Berry has been in growth mode recently — it announced just last month it plans to add 115 jobs at its Evansville headquarters. Worldwide, the company has some 15,500 employees at 85 plant locations.
“Coats said he hoped the Berry visit would give him insights into the company’s success.
“It’s valuable for me to visit places that are growing,” the senator said.”
“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 arranged for Sen. Coats to meet Berry Plastics employees and tour its facility.
“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.”
