Plastipak Holdings, a supplier of plastic packaging to consumer product companies, announced today that GS Capital Partners (GSCP) has closed a previously announced equity investment in the company. Plastipak has been owned and run by the Young Family since 1967. The Young Family will continue to hold a majority stake in Plastipak following the closing of the transaction.
“My family and the Plastipak management team have built this company over the past half century by partnering with our customers and suppliers,” said Bill Young, founder and CEO. “We look forward to a new partner in the form of GSCP as we execute our strategic vision for providing the best products and services to our clients and continuing to build out our global footprint.”
Plastipak is a manufacturer of plastic packaging containers and preforms for consumer products companies. Plastipak designs, manufactures, and distributes plastic containers in four product categories: carbonated and non-carbonated beverages; consumer cleaning; food and processed juices; and industrial, automotive and specialty products. The company’s operations span the US, Europe, and Brazil. In fiscal 2011, Plastipak sold approximately 21 billion preforms and bottles to more than 450 customers from 29 manufacturing facilities. The company was founded in 1962 and is based in Plymouth, MI (www.plastipak.com).
“Plastipak has an industry-leading management team and a world-class product portfolio,” said Henry Cornell of GS Capital Partners. “We look forward to working alongside the company’s current executives and the Young Family to continue to drive growth globally.”
GS Capital Partners is the private equity vehicle through which Goldman Sachs conducts its large, privately negotiated, corporate equity investment activities and is currently investing through its sixth fund. GS Capital Partners focuses on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs (www.gs.com/pia).