July 2nd, 2021
Platinum Equity to Sell Multi-Color Corporation to CD&R
MCC to merge with Fort Dearborn Company
LOS ANGELES (July 2, 2021) – Platinum Equity announced today the signing of a definitive agreement to sell Multi-Color Corporation (MCC), a global leader in label solutions, to affiliates of Clayton, Dubilier & Rice (“CD&R”). Financial terms of the transaction were not disclosed.
In connection with the transaction, CD&R also announced it has signed a definitive agreement to acquire Fort Dearborn from Advent International, and that it intends to combine MCC and Fort Dearborn to create a global label solutions company serving consumer packaged goods companies worldwide. The transactions are expected to close by the end of 2021, subject to customary regulatory approvals and other conditions.
“We have had an outstanding partnership with Nigel and the MCC management team,” said Platinum Equity Partner Louis Samson. “We worked together to significantly transform the business and drive both organic and acquisitive growth, which led to substantial improvements in top-line and earnings performance. The company is a natural fit with Fort Dearborn and both companies will benefit from the combination.”
Platinum Equity acquired MCC in 2019 in a public-to-private transaction and combined it with WS Packaging, another US-based labelling company the firm acquired in 2018.
MCC today is one of the world’s largest producers of high-quality, pressure sensitive, in-mold and heat transfer labels and a major manufacturer of cut and stack, roll fed, aluminum and shrink sleeve labels. The company services the world’s most prominent brands across four business segments: food and beverage, wine and spirits, home and personal care, and hardware and specialty.
“At MCC, we have continually worked to invest in our people, processes and technology in order to strengthen our organization and become one of the most trusted and innovative label manufacturing leaders across the globe,” said Nigel Vinecombe, CEO of MCC. “Platinum’s financial and operational support have been instrumental to our success. This combination with Fort Dearborn and the ongoing support of value-added investors provide the opportunity to continue to strengthen the business and provide best-in class service to our customers.”
“Platinum has had a lot of experience creating value in the label and packaging sectors and MCC is another prime example,” said Platinum Equity Managing Director Jason Price. “We appreciate all the hard work Nigel and everyone at the company has put in over the years and wish the entire team great success.”
Platinum Equity previously owned BWAY (rigid containers), Contego (food, beverage and pharmaceutical packaging) and MacTac (pressure sensitive materials).
The firm’s current portfolio includes Ball Metalpack (metal food and aerosol containers) and Husky (injection molding systems for the plastics industry).
Earlier this week, MCC also announced it signed a definitive agreement to acquire Hexagon Holdings (“Hexagon”), an Auckland, New Zealand-based provider of high-value premium labels. Financial terms of the transaction were not disclosed. Hexagon is a privately-owned group of businesses producing self-adhesive labels, shrink sleeves, linerless wraps and VIP solutions for clients across Australia and New Zealand.
Latham & Watkins LLP and MinterEllison are serving as legal counsel to MCC on the acquisition of Hexagon.
Latham & Watkins LLP and Keating Muething & Klekamp PLL are serving as legal counsel to Platinum Equity on the sale of MCC to CD&R.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.
About Multi-Color Corporation
Cincinnati, Ohio, U.S.A. based Multi-Color Corporation (MCC), established in 1916, is a leader in global label solutions supporting a number of the world’s most prominent brands including leading producers of Beverage, Wine & Spirits, Food & Dairy, Personal Care & Beauty, Home Care & Laundry, Healthcare, Durables & Technical and Automotive & Chemicals. MCC serves national and international brand owners in North, Central and South America, Europe, Africa, China, Southeast Asia, Australia and New Zealand with a comprehensive range of the latest label technologies in Pressure Sensitive, Cut and Stack, Wraps, Aluminum, In-Mold, Shrink Sleeve and Heat Transfer. MCC employs over 9,000 associates across over 70 label producing operations globally.
Dan Whelan, Platinum Equity, (310) 282-9202, email@example.com