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Platinum Equity to buy BWAY Parent for $1.24 bln

Tuesday, 2 Oct 2012 | 5:59 PM ET

Oct 2 (Reuters) - BWAY Parent Co Inc , which supplies metal and plastic containers to the packaging industry, said it will be acquired by an affiliate of Platinum Equity for about $1.24 billion.

BWAY Parent, which operates through its subsidiary BWAY Corp, said Platinum Equity would acquire it from funds managed by Madison Dearborn Partners .

Platinum Equity, which specializes in buying distressed assets, will finance the deal through a combination of debt and equity.

Senior executives of the company and a number of other employees will invest in the transaction alongside Platinum, BWAY Parent said.

Atlanta-based BWAY has annual sales exceeding $1 billion, according to information on BWAY Corp's website.

The deal is expected to close in the fourth quarter of 2012.

Goldman Sachs & Co, Barclays and Deutsche Bank Securities Inc acted as financial advisers to BWAY Parent.

(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)

((avik.das@thomsonreuters.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging: avik.das.thomsonreuters.com@reuters.net))

Keywords: BWAYPARENT PLATINUMEQUITY/OFFER