AKC Note: PGI is the largest nonwovens producer in the world; they are based in Charlotte and have plants in 14 countries. They changed their name to Avintiv in June 2015. Currently owned by Blackstone Group, the largest private equity firm, they are now being bought by Berry Plastics of Indiana for $2.45 billion. Blackstone bought PGI in 2010 for $326 million and has overseen large investments as PGI has seen both organic growth and major acquisitions. Berry Plastics is a $4.6 billion company with 90+ sites worldwide (mainly in the US, including a plant in Charlotte) with 16,500 employees. They are a publicly traded company and are a global leader in packaging for the health care industry as well as many other markets. The main synergy with PGI appears to be the fact that they share a number of customers such as P&G.
It is interesting to see a strategic buyer from outside the “textile” industry making such a large investment in this nonwovens leader.
Alasdair Carmichael
Carmichael International
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