Los Angeles-based industrial holding company Stone Canyon Industries LLC is refinancing its packaging subsidiary SCI PH Inc., the parent company of rigid packaging suppliers Bway Corp. and Mauser Group.
Through the transaction, Stone Canyon is selling a portion of the company to new minority investors Ontario Teachers' Pension Plan, Canyon Capital Advisors LLC, the Public Sector Pension Investment Board and Arcadia Investment Partners LLC.
The deal calls for issuing an aggregate of $850 million of Series A preferred stock to Canyon Capital Advisors, the Public Sector Pension Investment Board and existing investors, and Series B preferred stock to the Ontario Teachers' Pension Plan, Arcadia Investment Partners and the Public Sector Pension Investment Board.
Stone Canyon said in a Dec. 27 news release that proceeds from the offerings will be used to make a distribution to existing equity holders and for general corporate purposes. The company could not be immediately reached for a comment.
Earlier this year, Stone Canyon purchased Mauser from private equity investment firm Clayton, Dubilier & Rice Inc. for $2.3 billion — a day before the German rigid packaging products maker was to be listed on the New York Stock Exchange.
Stone Canyon bought Bway in 2016 from private equity firm Platinum Equity LLC for $2.4 billion. Bway, which is headquartered in Oak Brook, Ill., makes both plastic and metal containers, including pails, drums, hybrid paint cans and aerosol cans, among other products.
SCI PH Inc., through its subsidiaries Bway and Mauser, has more than 9,000 employees and 140 manufacturing facilities worldwide.