Bway Corp., which makes both plastic and metal containers, is getting a new owner in a $2.4 billion deal.
The Atlanta-based company is being sold by private equity firm Platinum Equity LLC to Stone Canyon Industries of Santa Monica, Calif.
Platinum Equity, of Beverly Hills, Calif., acquired Bway in 2012 from Madison Dearborn Partners LLC and bolted on Ropak Packaging, a maker of rigid plastic shipping containers, within a matter of months in a $265 million transaction.
“Today we have a fundamentally sound business with great momentum, and we are poised for continued growth and long-term profitability as we transition to Stone Canyon's ownership,” Bway CEO Ken Roessler said in a statement.
Roessler also was CEO at Bway when Platinum Equity purchased the company for $1.24 billion, and Stone Canyon signaled support for the company's leadership. “Bway is a world-class company with a great leadership team, dedicated employees and a very bright future,” said Jim Fordyce, co-CEO of Stone Canyon, in a statement. “We look forward to working with Ken to help Bway continue delivering on its strategic and operational plan as the company takes the next step in its evolution.”
Bway makes a variety of plastic containers for the industrial, bulk food and retail markets. They include pails, buckets, drums and dairy containers. The company also makes what it calls hybrid paint containers, featuring both plastic and metal components, as well as all-metal containers.
While Platinum Equity is selling Bway, it continues to have a hand in the plastics industry as owner of Mactac LLC, a maker of pressure sensitive products.
The company also owns Ying Shing Enterprises, which has three production facilities in China and handles mold design and fabrication, injection molding, secondary processing and metal stamping, according to Platinum Equity.
The sale of Bway should not be a surprise as it was more than two years ago that published reports indicated the company was being put up for sale.
Bway joins a diverse portfolio of companies at Stone Canyon, including firms that make vinegar and railroad components. The company also owns Draper James, a women's apparel, accessories and home décor brand created by actress Reese Witherspoon.