Grahams collect millions in deal for York package giant
Graham Packaging's owners control $3 billion in investments
Update: Engineer Donald C. Graham's family stands to collect around $100 million from today's announced sale of York Packaging Co., which counts Coca-Cola, Procter & Gamble and HJ Heinz among its clients, says Bill Kerlin, president of the Graham Group, which represents the family enterprises. The company has previously cashed in most of its former stake, he noted.
Graham's sons, based in Newtown Square, have used the proceeds from previous business sales to finance leveraged buyouts and develop "a very diverse base of investments," and "we continue to expect to do that," Kerlin told me.
Blackstone Group, which bought a controlling stake in the company in 1998, stands to gross more than $1 billion on the deal. Sale statement here.
Blackstone Group, which bought a controlling stake in the company in 1998, stands to gross more than $1 billion on the deal. Sale statement here.
Graham Packaging's 8,300 workers face uncertainty as buyer Reynolds Group Holdings tries to financially justify the $25.50 per share ($1.7 billion) deal and buy down the company's $2.8 billion in debt. Kerlin said he expects Reynolds "will continue to base that business here in York."
The price is more than double what majority owner Blackstone Capital had hoped to raise in a public stock offering last year, Bloomberg reports here. More on the deal here.
The Graham group controls $3 billion in investments through a group of companies headquartered in the Philadelphia area and York. More about Graham here.
The price is more than double what majority owner Blackstone Capital had hoped to raise in a public stock offering last year, Bloomberg reports here. More on the deal here.
The Graham group controls $3 billion in investments through a group of companies headquartered in the Philadelphia area and York. More about Graham here.