Stone Canyon Industries (SCI) has completed the acquisition of Mauser Group, a supplier of rigid packaging products and services for industrial use, from Clayton, Dubilier & Rice.
SCI, via its subsidiary BWAY, manufactures rigid metal and plastic containers. The all-cash transaction is valued at about $2.3bn.
The acquisition was announced in early February this year. Mauser has revenues of more than €1.4bn and it manufactures and supplies plastic and steel drums and intermediate bulk containers (IBCs).
Mauser also provides reconditioning services for used plastic drum and IBCs. The company has more than 4500 employees who are spread across 111 manufacturing facilities in 88 locations across 18 countries in Europe, North America, South America and Asia.
SCI's ownership of BWAY and Mauser creates a new company in containers and packaging for the chemical, industrial and food and beverage industries, among others.
When the acquisition was announced in February, BWAY president and CEO Ken Roessler said: “We welcome all of the Mauser employees to the SCI family. We look forward to working with Peter Schaefer and the Mauser management team in bringing together two great companies in the packaging and container industry.
“In addition to sales growth, this acquisition expands our product offering with innovative new products which further support the Company’s position as the premier supplier for rigid general line packaging.”
During the same time, Mauser Group CEO Peter Schaefer said: “With today’s announcement, Mauser has achieved a new milestone which represents a strong validation of our growth strategy and opportunity to build additional value for employees and customers alike.
“Together with BWAY, we will have a unique opportunity to continue our strong growth momentum.”
For the transaction, Bank of America Merrill Lynch, Goldman Sachs, BMO Capital Markets and Citigroup Global Markets provided financing.