WORTHINGTON, OHIO (Jan. 1, 4 p.m. ET) — DuPont Co. has sold its Liqui-Box Corp. unit to Sterling Group LP, a Houston-based private equity firm.
The deal was finalized on Dec. 30. Terms were not disclosed.
Worthington-based Liqui-Box supplies bag-in-box flexible packaging to the dairy, beverage and bulk food markets. The company also makes pouches and rigid plastic water bottles.
The acquisition is Sterling 's third investment in its third fund, an $820 million fund raised in 2010. In Sterling's 30-year history, it has acquired four businesses from DuPont.
The sale was finalized Dec. 30, but had not previously been announced. It was not a surprise, though — earlier this year Bloomberg News had reported that DuPont was looking for a buyer for the business. In 2006, the Daily Deal reported that J.P. Morgan Chase & Co. was advising DuPont on a possible sale of the unit.
According to Sterling's website, the company does not currently own any plastics businesses. Its previous holdings, however, have included Exopack Holding Corp., Pawnee Industries and Vista Chemical.
"The entire Liqui-Box team is energized to partner with Sterling who has a proven track record of successfully transitioning unique, specialty businesses like ours to more nimble, stand alone companies and equipping them for future growth. We look forward to executing on a number of initiatives to expand our business and enhance our delivery of top quality products to our customers," said Roszann Graham, CEO of Liqui-Box, in a news release.
Greg Elliott , a Partner of Sterling noted, "Roszann and her team have done an exceptional job positioning Liqui-Box as a leading provider of bag-in-box packaging solutions. Over the past several years, Liqui-Box has streamlined its operations to focus on its core products. Our focus now is to expand our global footprint, invest in technology and expand our offering of solutions to our customers."