Berry Global Group, Inc. Announces Agreement to Acquire the Clopay Plastic Products Company, Inc., from Griffon Corporation
Berry Global Group, Inc. announced that it has entered into a definitive agreement to acquire the Clopay Plastic Products Company, Inc., a subsidiary of Griffon Corporation, for $475 million in cash on a debt-free, cash-free basis. Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets including; hygiene, healthcare, construction and industrial protective apparel. Clopay has nearly 1,500 employees with a footprint serving markets across the globe with locations in the United States, Germany, Brazil, and China. Clopay delivered $461 million in sales and $53 million in operating EBITDA for its fiscal year ended September 30, 2017. We expect annual cost synergies to be approximately $20 million. The purchase price, including our expected cost synergies along with the tax basis step-up value, represents an adjusted EBITDA multiple of below 6 times. Click Read More below for additional information.