Oak Hill and CPPIB Continue Berlin Build

Berlin Packaging, a portfolio company of Oak Hill Capital and the Canada Pension Plan Investment Board (CPPIB), has acquired Consolidated Bottle Corporation. The buy of Consolidated Bottle expands Berlin Packaging’s operations in Canada.

Consolidated Bottle is a supplier of plastic, glass, and metal containers and closures used in the personal care, pharmaceutical, cannabis, food, beverage and industrial sectors. The company has 500,000 square feet of facility space in Toronto (headquarters) and Montreal. Consolidated Bottle, led by CEO Jonathan Rutman, was founded in 1910 by the Korolnek family and is headquartered in Toronto.

Chicago-headquartered Berlin Packaging is a distributor of more than 40,000 SKUs of plastic, glass, and metal packaging products – sourced from over 1,200 suppliers worldwide – to more than 45,000 customers in the automotive, food and beverage, home care, industrial and chemical, pet care and veterinary, cosmetics, personal health and beauty, and pharmaceuticals sectors.

Berlin also provides services to its customers including structural and brand design, sourcing, warehousing, and financing.

“Consolidated Bottle has an extraordinary history and shares our focus on quality, service and results for customers,” said Bill Hayes, CEO of Berlin Packaging. “We are extremely committed to the Canadian market and see tremendous growth opportunities for our employees, customers and suppliers.”

Oak Hill acquired Berlin Packaging in 2014 from Investcorp (it had acquired the company in 2007) at a valuation of $1.4 billion. In 2018, CPPIB invested $500 million into Berlin Packaging as part of a recapitalization transaction with Oak Hill.

Oak Hill is an active investor in the consumer retail and distribution; industrials; media and communications; and services sectors. The firm, which began its investment activities in 1986 as the family office of Robert M. Bass, has offices in New York City, Menlo Park and Stamford.

Canada Pension Plan Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure, and fixed income instruments. Net assets under management in June 2020 were C$434 billion. CPPIB is headquartered in Toronto, with offices in London, Hong Kong, New York, Hong Kong, Sydney, Sao Paulo, Mumbai, and Luxembourg.

© 2020 Private Equity Professional | November 6, 2020

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