Berry Plastics Corp. plans to enter the market for frozen dessert containers by acquiring CPI Holding Corp., the parent of Cardinal Packaging Inc. of Streetsboro, Ohio.
Berry announced June 18 that it agreed to buy CPI for undisclosed terms. Cardinal, a leading producer of injection molded plastic containers for frozen desserts, has annual sales of about $54 million.
Evansville, Ind.-based Berry said the deal will be its 10th acquisition since 1991, when it was acquired by an investment group led by First Atlantic Capital Ltd. of New York. Berry's sales last year were about $272 million.
Berry injection molds aerosol overcaps; cups; rigid, thin-wall, open-top containers; and housewares.
Berry President and Chief Executive Officer Martin Imbler said in a news release that the acquisition will be financed by a $75 million private placement of senior subordinated notes.
Berry had not filed a registration statement for the placement when it made the announcement.
Not including Cardinal, Berry has plants in nine U.S. cities and in Norwich, England. Imbler and Cardinal President Kerry Hartman were unavailable to comment on what changes could occur under new ownership.
Cardinal has plants in Streetsboro; Minneapolis; and Ontario, Calif.
Berry's U.S. plants are in Evansville; Henderson, Nev.; Iowa Falls, Iowa; Charlotte, N.C.; York, Pa.; Lawrence, Kan.; Suffolk, Va.; Monroeville, Ohio; and Woodstock, Ill.