Global supplier of plastic packaging and recycling solutions Plastipak Holdings based in Plymouth, Michigan, USA has announced that affiliates of GS Capital Partners (GSCP) has agreed on a sufficient equity investment in the company.
The investment will place Plastipak in a position to capitalise further on substantial growth opportunities across the globe.
Plastipak founder and chief executive Bill young said: “My family and the Plastipak management team have built this company over the past half century by partnering with our customers and suppliers.
“We look forward to a new partner in the form of GSCP as we execute our strategic vision for providing the best products and services to our clients and continuing to build out our global footprint.”
The Young family have owned Plastipak since 1967 and they will continue to hold a major stake in Plastipak following the transaction, which is to be completed upon necessary regulation approval.
GSCP’s Henry Cornell added: “Plastipak has an industry-leading management team and a world class product portfolio.
“We look forward to working alongside the company’s current executives and the Young family to continue to drive growth globally.”