Loews Corporation Agrees to Acquire Consolidated Container Company

Wednesday, Apr 12, 2017

Loews Corporation today announced that it has entered into an agreement to acquire Consolidated Container Company (CCC), a leading rigid plastic packaging manufacturer based in Atlanta, GA, from Bain Capital Private Equity for approximately $1.2 billion, subject to customary purchase price adjustments. CCC will be a part of a newly-created segment called Loews Packaging Group.

"We have been analyzing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption," said James Tisch, President and CEO of Loews.  "CCC is an outstanding company with a highly professional management team that can serve as a platform for growth, both organically and through acquisitions."

CCC provides packaging solutions to stable end markets such as beverage, food, and household chemicals.  With a network of manufacturing locations across North America, CCC reliably provides quality products to its customers.   

"I am extremely excited for CCC to become part of Loews," said Sean R. Fallmann, President and CEO of CCC.  "I have every confidence that Loews will be an excellent partner for CCC as we continue to invest in differentiated capabilities to best serve our customers.  It remains our mission to be the packaging solutions provider of choice in North America."

"Sean and the team at CCC have done a remarkable job building the business and creating a differentiated platform," said Steven Barnes, a Managing Director at Bain Capital Private Equity. "We have enjoyed partnering with management in establishing a culture of safety and innovation and building a strong foundation based on differentiated operating and commercial capabilities. These advantages will continue to serve the company well under Loews's ownership."

The acquisition agreement is subject to customary closing conditions. The transaction is expected to close in the second quarter of 2017, and will be funded with approximately 50 percent cash-on-hand and 50 percent debt at CCC.

Other News