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Ring Container Technologies announces acquisition by MSD Partners

Friday, Sep 15, 2017

Ring Container Technologies (Ring), a leader in the plastic container manufacturing industry, today announced that MSD Partners, L.P. has entered into a definitive agreement to acquire Ring.

Founded in 1968 and headquartered in Oakland, Tenn., Ring is an industry leading blow molder of high-density polyethylene (HDPE) and polyethylene terephthalate (PET) plastic bottles for the food service, retail food and other end-use markets. With outstanding growth and performance over the past decade, Ring has become one of the largest plastic container manufacturers in North America. Ring employs more than 700 people throughout its headquarters and manufacturing locations in 17 cities across the U.S., Canada and the UK.

Rapac, a wholly-owned subsidiary of Ring, will also be included in the acquisition. Rapac is the largest recycler of polystyrene in the U.S. and provider of engineered resins for a variety of end-use applications.

The acquisition of Ring by MSD Partners represents the transfer of ownership from Carl Ring and his family to a firm with values compatible with the Company's strong heritage. Finalization of the ownership transfer is expected in the fourth quarter. Ring will continue to be led by CEO Ben Livingston and his executive team, who will retain their ownership interests.

"Throughout the due diligence process, we maintained a commitment to identifying a new, long-term owner who appreciated Ring's culture and other qualities that have been fundamental to our growth into an industry leader," said Carl Ring, Chairman. "MSD Partners not only is an organization that we respect, but also it is a seamless fit with our culture and the best possible owner to move our company forward."

"The acquisition comes at a perfect time for Ring," stated Ben Livingston, CEO of Ring. "MSD Partners believes fully in what we are doing, and will provide the needed capital so that we can continue to invest in innovation, best-in-industry technology platforms, and world-class manufacturing. But, even more importantly, we'll have support to continue our focus on culture – on our people, our execution and our promise to deliver extraordinary service to our customers."

"Ring fits seamlessly with MSD Partners' strategy to invest for the long term in companies that are stable, in industries that are thriving, and in management teams that are able to generate growth," said Kevin Brown, a Managing Director in the Private Capital Group at MSD Partners. "Everything at Ring is best in class – from the way the teams execute projects, to the overall financial profile. We look forward to growing with this team."

Throughout the acquisition process, Ring was advised by BMO Capital Markets, with legal support provided by Glankler Brown, PLLC. Dechert LLP provided legal support to MSD Partners on the transaction.

 

Source:prnewswire.com

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