CINCINNATI (April 30, 3:40 p.m. ET) — Milacron LLC's new chairman has a high profile in the plastics industry and the investment world: Ira Boots, the former chairman and CEO of packaging giant Berry Plastics Corp.
News that Boots will join Milacron's board of directors as chairman came in an April 30 announcement that CCMP Capital Advisors LLC has completed its acquisition of the Cincinnati-based plastics machinery maker.
CCMP bought Milacron from Avenue Capital Group. Both are New York-based private equity firms.
Milacron generated about $780 million of sales in 2011, from injection molding machines, extruders, blow molding machines, structural foam molding machines and industrial fluids used in metal cutting.
The existing management team will remain in place, including: CEO Dennis Smith; Dave Lawrence, president of worldwide plastics machinery for injection, extrusion and mold technologies; Dean Roberts, president of aftermarket services in the Americas; and Robert McKee, president of global industrial fluids. The management team will continue to retain an ownership stake in Milacron.
Boots is well-known in the private equity industry and Wall Street. Berry Plastics had sales of less than $60 million in sales in 1990, when Boots and other executives began reaching out to private equity investors. After a string of acquisitions, within five years, Berry had more than quadrupled sales, to $250 million.
More recently, Evansville, Ind.-based Berry Plastics generated sales of $4.65 billion for the fiscal year ended Oct. 31, 2011. In March, Berry announced plans for an initial public offering.
Boots retired from his position of Berry chairman and CEO in 2010. Then, last fall, he left Berry's board of directors, but was to continue as a consultant.
CCMP used to be an investor in Berry Plastics. The private equity firm exited that position in 2006, a CCMP spokeswoman said.
CCMP has had a long relationship with Boots through Berry, but he was not an employee of CCMP, the spokeswoman said.