Mesirow Financial was the exclusive financial advisor to Bennu Glass on the sale of its assets to Owens-Brockway Glass Container, a subsidiary of Owens Illinois. Bennu was a portfolio company of the CK Pearl Funds, which is managed by private equity firm Crestline-Kirchner.
Bennu operates a glass bottle manufacturing facility that is one of the newest and most energy-efficient wine bottle operations in the US. The facility has an estimated total annual capacity of 87,500 US tons, producing a portfolio of wine and beer bottles in varying shapes, sizes and colors for OEMs, distributors and wine producers in California, Oregon and Washington. Bennu Glass is headquartered north of Vancouver in Kalama, WA.
“We are excited to be partnering with Owens Illinois and are confident that this strategic combination will ensure a successful future for Bennu. Mesirow Financial’s industry knowledge and expert guidance culminated in a successful outcome for our stakeholders,” said Dwayne Wendler, COO of Bennu Glass.
The transaction represents another successful assignment completed by Mesirow Financial’s Investment Banking group. Mesirow Financial is one of the most active advisors in the paper, plastics, packaging and specialty printing sectors, having completed over 100 transactions in recent years.
“Mesirow Financial was honored to represent Bennu and its stakeholders in this transaction. We believe the company’s state-of-the-art facility, coupled with its strong position in the Northwest glass wine and beer bottle market, presents an exciting future for this strategic partnership,” said Louis Mitchell, managing director of Mesirow Financial’s Investment Banking group.
Mesirow Financial’s Investment Banking group focuses exclusively on middle-market transactions and serves middle-market companies and large corporations, both public and private, in merger and acquisition advisory, capital markets advisory, restructuring and special situations, fairness and solvency opinion, board of directors advisory and special committee representation. Overall, Mesirow Financial is a diversified financial services firm with particular expertise in investment management, global markets, insurance services and consulting. Founded in 1937, Mesirow is an independent, employee-owned firm with more than 1,200 employees in offices across the US and in London, UK. The firm is headquartered in Chicago (www.mesirowfinancial.com).
Crestline-Kirchner Private Equity Group, the seller of Bennu Glass, was formed in 2013 as a joint venture between Crestline Investors and Bud Kirchner, founder of the Kirchner Group. Crestline-Kirchner acquires and manages portfolios of private assets made available through restructurings, orphaned portfolios, manager transitions, end of fund life scenarios and related special situations. The firm is based northeast of Birmingham in Gadsden, AL (www.kirchnerpcg.com).
Owens-Illinois (NYSE:OI), through its subsidiaries, manufactures and sells glass container products to food and beverage manufacturers primarily in Europe, North America, South America, and the Asia Pacific region. O-I has approximately $6.8 billion of revenue, more than 21,000 employees and 75 plants in 21 countries. Approximately one of every two glass containers made worldwide is made by O-I, its affiliates, or its licensees. The company is headquartered in Perrysburg, OH (www.o-i.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-11-15