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PRINT THIS PAGE PAI partners to acquire Global Plastic Closures business of Crown Holdings19/08/2005. Source: AltAssets. 
 PAI partners has agreed with Crown Holdings to acquire its Global Plastic Closures business for an enterprise value of approximately $750m.
GPC designs and manufactures plastic closures for consumer packaging, primarily for the personal care, food, beverage, pharmaceutical and industrial end markets. The company produces over 38 billion closures annually in 29 manufacturing facilities located in 15 countries across Europe, the US and Asia. Reported net sales in 2004 were $676m.
PAI intends to grow GPC's business principally through significant investments in new product developments, through cross-selling synergies between Europe and the US, expansion in faster growing markets such as Eastern Europe and Asia, and through selective add-on acquisitions, the firm said in a statement.
PAI manages and advises buy-out funds as well as the former BNP Paribas portfolio of direct investments, with an aggregate equity value of over €7bn. Acquisitions have included Antargaz, the LPG distributor in France (€520m); Chr. Hansen, the specialist in natural ingredients to the food industry (€1.1bn); FTE, the specialist in advanced clutch actuation systems for cars and light vehicles (€370m); and Vivarte, the retailer of footwear and clothing in France (€1.5bn).
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