Graham Partners Acquires Flexible Packaging Converting Business from Berry Global

Private investment firm Graham Partners continues its targeted investments in technology-driven advanced manufacturing companies with the completed acquisition of Berry Global Group Inc.’s North American extrusion, converting, and coating business. Concurrent with the closing, the business will be combined with Graham Partners’ flexible packaging portfolio company, Advanced Barrier Extrusions LLC (ABX), which Graham Partners acquired in August 2018. The business will operate under the ABX name going forward.

“Combined, the strong R&D cultures of these two businesses offer exciting possibilities for the future,” said William Timmerman, Managing Principal at Graham Partners. “We intend to sustain and accelerate their proven track record of developing innovative new products to better serve customers.”

Based in Charlotte, NC, ABX is the beneficiary of several consumer megatrends that are driving growth: A shift in preference toward clean labels, convenience, on-the-go lifestyles, increased spending on fresh foods, heightened focus on food safety, sustainability, and brand/SKU proliferation. ABX utilizes state-of-the-art technology to produce co-extruded high-barrier films of as many as 11 layers; up to 12 color narrow and wide-web flexographic printed rollstock, bags, and pouches; and solvent and solvent-free laminations. ABX’s innovative packaging solutions are used in a variety of food and healthcare packaging applications.

Through this acquisition, ABX expands geographically, adds attractive categories such as personal care and healthcare packaging, and increases its revenue by over $200 million, according to Graham Partners.

The combination holds significant synergy potential and creates a vertically integrated business spanning multiple extrusion technologies and printing, laminating, bagging, coating, finishing, and niche packaging operations. Importantly, certain members of ABX’s current leadership team had oversight of these particular facilities during their tenure at Berry.

Larry Goldstein, ABX CEO, said, “We are excited to bring our expanded capabilities to the market and realize the synergy potential of this combination. I am looking forward to working again with many familiar faces to achieve future growth and profitability.”

Steven Graham, CEO of Graham Partners, stated, “This acquisition should benefit from our extensive experience building premier packaging businesses, as well as our strong network of contacts within the industry. In particular, we are enthusiastic about having Larry and the ABX team provide renewed strategic direction and leadership to this business.”