The move, which is also said to include the company’s debt is part of a definitive agreement that aims to attract new investment to the business in order to ensure new growth potential.
The agreement was drawn up between the Oak Hill Capital and chairman and CEO Andrew Berlin, and other key members of the Berlin Packaging management team.
Berlin has seen double-digit growth
"Berlin Packaging is a high-caliber business experiencing double-digit growth and targeting a large addressable market opportunity,” Tyler Wolfram, managing partner at Oak Hill, said.
“The transaction is representative of Oak Hill's theme-based investment approach and long history of partnering with world-class entrepreneurs and management teams."
Speaking about the company’s potential under the new owners, Andrew Berlin said he had been looking for new investors that would fit in with the company’s culture and its future objectives.
Eyeing the next stage of growth
“It was important to join with a firm that shares the same culture and belief system as Berlin Packaging and that is committed to growing our company by offering increased value to our customers, suppliers, and employees.” Berlin said.
Previously, Berlin Packaging had been partnered with investment company Investcorp, which had enabled the company to achieve its latest growth spurt and business expansion.
Berlin Packaging was founded in 1898 and has been built into a turnkey business for packaging requirements, as a leading supplier of rigid packaging for the North American market.