Private equity firm snaps up Selig Sealing Products
Selig Sealing Products, its second speciality packaging acquisition
in six months.
The senior management team of Selig, a leading manufacturer of container sealing products engineered to maintain freshness and provide tamper evidence for rigid containers, is investing alongside Behrman Capital in thistransaction, which has an aggregate value of approximately $100 million.
This is Behrman's second investment in the specialty-packaging sector, after its acquisition of Pelican Products in October 2004.
Selig's container seals include foil innerseals and primary closure liners for glass jars and plastic containers. Its end customers include leading companies in the food and beverage sectors.
The company, which is one of the world's largest manufacturers of foilInnerseals, has invested in order to meet new demands for freshness, tamper evidence, label communication and brand identification.
"Selig's reputation for excellence as a leading global provider of closure liners combined with a track record of strong growth makes this an attractive investment opportunity," said Grant G. Behrman, managing partner of Behrman Capital.
"We have proactively focused on specialty packaging for several years and are delighted to partner with Steve Cassidy and his team to support Selig in the future."
In conjunction with the acquisition, Selig has obtained a $62 million credit facility.Madison Capital Funding served as administrative agent for the credit facility. Goodwin Procter LLP acted as legal advisor to Behrman Capital.
Behrman Capital firm invests in management buyouts, leveragedbuildups and recapitalisations of established growth companies. The company'sinvestments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare.
The firm currently has a combined capital base of $1.8 billion.
