William Blair acted as a financial advisor to Amcor Limited in its pending sale of Amcor plants in Milwaukee, Wisconsin, Ashland, Massachusetts and part of the Madison, Wisconsin plant, to Tekni-Plex, Inc. (Tekni-Plex), a portfolio company of Genstar Capital, for cash consideration of $215 million. Combined, these facilities generate annual revenues of approximately $100 million from the sale of flexible packaging products for select healthcare applications.
The pending transaction has been pursued to resolve certain specific antitrust concerns raised in the U.S. associated with the proposed combination of Amcor and Bemis. The sale of these operations to Tekni-Plex remains subject to approval and consent (including approval by the United States Department of Justice (DOJ) of Tekni-Plex as the buyer), and filing of a final judgement by the DOJ.
The pending transaction represents William Blair’s third packaging-related deal in 2019 and 14th since 2017. William Blair’s packaging franchise has completed over 85 transactions with a broad range of expertise and knowledge across multiple end markets and packaging substrates.