Berry Plastics Group has completed the previously announced acquisition of Avintiv Inc. from private equity funds managed by Blackstone for a cash purchase price of approximately $2.45 billion, subject to post-closing adjustment for working capital and certain other items.

Avintiv, which was formerly known as Polymer Group Inc., is one of the world’s leading developers, producers and marketers
of specialty materials used in infection prevention, personal care and high-performance solutions as well as its largest maker of nonwoven fabrics. With 23 locations in 14 countries, and an employee base of more than 4500 people, Avintiv offers one of the broadest  anges of process technologies in the industry.

“We are extremely excited to complete the acquisition of Avintiv and to welcome the Avintiv team to the Berry Plastics organization. The combination of Berry Plastics and Avintiv creates a global leader in plastics packaging and engineered specialty materials,” said Jon Rich, chairman and CEO of Berry Plastics. “With this acquisition we have expanded our global footprint, added complementary products to our existing product portfolio, and will be able to further capitalize on the rapidly growing global markets for hygiene and healthcare products.”

Credit Suisse and Barclays acted as financial advisors and Bryan Cave acted as legal advisor for Berry Plastics. Citi and BofA Merrill Lynch acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal advisor for Avintiv and Blackstone.

Berry Plastics Group, Inc. is a leading provider of value-added plastic consumer packaging and engineered materials delivering high-quality customized solutions to its customers.