Home » Graham Packaging to Go Public in $3.2B Deal
Graham Packaging to Go Public in $3.2B Deal
June 30, 2008
Hicks Acquisition Company has agreed to buy Graham Packaging Holdings Co., York, PA, and then take it public with the Graham Group and The Blackstone Group in a transaction valued at $3.2 billion.
The company will be renamed Graham Packaging Co. after the deal is completed and will be listed on the New York Stock Exchange. Blackstone has agreed to hold the largest ownership stake for at least two years.
Graham Packaging had about $2.5 billion in sales in 2007. The company supplies blow-molded rigid plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricant industries. The company supplies many global consumer product companies, including PepsiCo, Coca-Cola, Danone/Dannon, Ocean Spray, Heinz, Abbott, Arizona Beverages, Nestlé/Gerber, Anheuser-Busch, SAB Miller, Procter &Gamble, Unilever, Church &Dwight, Dial/Henkel, Clorox and Colgate.
Hicks Acquisition is a special purpose acquisition company launched in October 2007 in an initial public offering. Founded by Thomas O. Hicks, Hicks Acquisition was formed for the purpose of acquiring, or acquiring control of, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, one or more businesses or assets. It currently has no operating businesses.