Vestar to Sell Solo Cup
Combined companies to provide greater value to customers and ensure long-term success in a changing industry
March 21, 2012; Mason, Michigan - Dart Container Corporation, based in Mason, MI, and Solo Cup Company, headquartered in Lake Forest, IL, today announced that they have signed a Definitive Agreement under which Dart Container will acquire Solo in a transaction valued at approximately $1 billion. Both companies are in the consumer and foodservice disposable packaging business. The transaction, which is subject to regulatory approval, is expected to close by the third quarter of this year.
"Our acquisition of Solo will allow us to provide even greater value to our customers in the future," said Dart Container CEO Robert C. Dart. "It will enable customers to purchase a wider range of products, made from a greater variety of materials with varying functional and environmental attributes - all from a single vendor. Both companies have an extensive history in the industry and will bring together valuable experience, traditions and complementary, high-quality products."
"Solo has made great strides over the past several years in improving its operating efficiency, information systems and the caliber of the talent within the organization," said Robert M. Korzenski, CEO, Solo Cup Company. "Dart's leadership team has shown a high level of respect for what Solo has accomplished and I believe we are putting the company in the right hands to succeed and grow going forward."
"Dart Container's acquisition of Solo will accelerate the progress Solo has made to improve its levels of service and customer support," said Dart. "We will use our expertise in running a successful, efficient, reliable and service-oriented company to create an organization that blends the best of both Dart and Solo for the benefit of our customers."
According to Robert Dart, a top priority is bringing together the talents and skills of employees from both organizations to ensure that customers continue to receive exceptionally reliable service.
"These are two companies with strong histories of innovation and quality that have invested in the industry and in their customers," said Robert L. Hulseman, chairman emeritus, Solo Cup Company. "I am very proud of this company's contributions to the foodservice packaging industry and extremely pleased that many of Solo's dedicated employees will have the opportunity to continue making a difference for our customers. This is a positive outcome for everyone involved."
"We at Vestar have had a rewarding and productive partnership with the Hulseman family and Solo Cup's management team during the past eight years," said Kevin Mundt, managing director, Vestar Capital Partners. "Our combined efforts have enabled Solo Cup to become a leader in the foodservice packaging industry and have led to this powerful, strategic transaction with Dart Container, a very positive outcome for Solo, Dart, the Hulseman family, and Vestar."
Regarding the integration process, Robert Dart pointed out that unlike publicly traded companies, where short-term results often are of paramount importance to investors and other stakeholders, privately held Dart Container is able to make decisions and investments that are long term in nature. He said the company has the time, and will take the time, to integrate Solo in a thoughtful, analytical manner to ensure lasting success.
Solo is majority-owned by the family of its founder, Leo J. Hulseman, and is also a portfolio company of Vestar Capital Partners IV, L.P. Dart Container is a privately owned company founded by William A. Dart. The integrated organization will be a private company known as Dart Container Corporation. Dart expects to continue offering products under the Solo brand - including the iconic red Solo cup.
Michigan-based Dart Container Corporation and Illinois-based Solo Cup Company will continue to operate independently until government approval is secured and the transaction closes.
Goldman, Sachs & Co. acted as lead financial advisor to Solo Cup Company on the transaction. Evercore Partners also advised Solo Cup Company on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Solo. Ernst & Young Corporate Finance Inc. was lead financial advisor to Dart Container Corporation and Vinson & Elkins LLP served as Dart's legal counsel on the transaction.
About Dart Container Corporation
Dart Container Corporation is family owned and operated, with 7,600 employees and 20 production facilities worldwide. The company manufactures more than 600 products and has facilities throughout the United States and in Canada, Mexico, Argentina, Brazil, Australia and the United Kingdom. It also has UV-curable ink manufacturing, machinery manufacturing and polymer production facilities. Its headquarters are in Mason, Michigan, where the company was founded in 1960. As a privately held company, Dart Container does not release financial or sales data.
About Solo Cup Company
Solo Cup Company is a $1.6 billion company exclusively focused on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. Solo has broad product offerings available in paper, plastic, foam, post-consumer recycled content and annually renewable materials, and creates brand name products under the Solo®, Sweetheart®, Creative Carryouts® and Bare® by Solo® names. The company was established in 1936 and has a global presence with facilities in Canada, Europe, Mexico, Panama and the United States.
About Vestar Capital Partners
Vestar is a leading private equity firm specializing in management buyouts and growth capital investments. Vestar's three active funds - Vestar III, Vestar IV and Vestar V - aggregate $7 billion of investments. The firm targets companies in North America with valuations of $150 million to $1.5 billion in four key industry sectors: Consumer, Diversified Industries, Healthcare and Digital Media, and Financial Services. Vestar invests and collaborates with incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way to build long-term franchise and enterprise value. Since the firm's founding in 1988, the Vestar funds have completed more than 70 investments in companies with a total value of more than $30 billion. With the successful realization of its Solo Cup investment, Vestar will have returned more than $2 billion to its investors over the past two-and-a-half years while deploying $700 million of investments during the same period. Vestar has offices in New York, Boston and Denver. For more information, please visit Vestar's website at www.vestarcapital.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "believe," "anticipate," "intend," "plan," "estimate," "expect," "predict," "potential," "project," "could," "should," "may," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All statements in this press release other than statements of historical fact, including statements regarding the expected closing of the acquisition of Solo Cup Company by Dart Container Corporation, and post-acquisition business strategy, operations, prospects, plans and objectives, are forward-looking statements. Such statements reflect current assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside Solo Cup Company's control, which could cause actual results to differ materially from such statements, including the receipt of necessary regulatory approval and fulfillment of other customary conditions required to consummate the acquisition. All forward-looking statements contained in this press release speak only as of the time when made. Except as required by applicable law, Solo Cup Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events, changed assumptions or otherwise.
Media Contacts:
Margo Burrage, Dart Container
[email protected]
(517) 244-2778
Carol Makovich, Owen Blicksilver
for Vestar Capital Partners
[email protected]
(203) 622-4781
Angie Gorman, Solo Cup Company
[email protected]
(847) 444-3503
Investor Contact:
Bob Koney, Solo Cup Company
[email protected]
(847) 444-3201
Vestar Portfolio Company CCS Rebranded Tervita
CCS Corporation unites former business units and $5+ billion in revenues into new company
CALGARY, AB (March 14, 2012) - One of North America's leading environmental and energy service companies today became stronger by uniting more than a dozen business units under Tervita Corporation -- a dynamic new brand committed to sustaining the life, health and energy of the planet by supporting responsible resource development.
Tervita has been known for the past 25 years by the brands of our predecessor companies: CCS Corporation, Hazco, Concord, Beck, HMI, Prodrill and seven others. This launch heralds the beginning of a new era under a single brand for the privately-held company with $5+ billion in revenues.
"By joining together our individual expertise, experience, assets and services, we will be uniquely positioned to develop integrated project management solutions and provide our customers easier access to our comprehensive range of services," said John Gibson, Tervita President and Chief Executive Officer.
Collectively, Tervita offers the natural resources and industrial sectors a comprehensive suite of services covering every stage of the production lifecycle, from development to reclamation. Through its fluids services, solids services, production services, energy marketing and reclamation offerings, Tervita helps its clients minimize impacts and maximize returns.
"Our vision is to create a better future by growing our global leadership in environmental and energy solutions," Gibson said. "We're developing new technologies and processes to address today's challenges such as water treatment, tailings management and reclamation.
"And in this tightening labour market we're becoming known as a company with a strong corporate culture. Our 4,200 employees are proud of our work, our values and our sense of purpose. In 2011, we hired more than 2,000 employees and we expect our dynamic growth to continue in 2012."
The idea to transition the company to a single brand surfaced long ago, but was developed and delivered in the last 12 months.
"This is a vision that I've had for years, that we should be one brand and one company with one culture," said David Werklund, Tervita's Chairman and Founder.
"This is a compelling moment for us as a team as we've solidified our purpose, to help customers maximize production and minimize environmental impact. For all of us at Tervita, earth matters."
ABOUT THE BRAND
The brand reflects the company's shared commitment to the Earth's energy and its environment. The name Tervita comes from the Latin words "terra," meaning earth, and "vita," meaning life. The glowing orange circle of the logo symbolizes energy from the Earth's core, while the green circle represents the Earth, our healthy planet.
To view our new corporate images, visit: www.tervita.com/news-and-stories/Pages/media-resources.aspx.
For more information, to book an interview with John Gibson, Tervita's president and CEO, or to speak to another Tervita representative, please contact:
Mandy Dinning
Manager, Public Affairs
[email protected] / 403-831-3542/403-718-1221
Stacie Dley
Communications Advisor
[email protected] / 403-860-2512/ 587-233-3227
ABOUT TERVITA
Tervita is a leading North American environmental and energy services company. Our 4,200 dedicated employees partner with natural resource and industrial companies who share our values, and work with them to create a sustainable future. Safety is our highest priority: it influences our actions, guides our decisions and shapes our culture. We maintain a strategically located network of more than 95 state-of-the-art waste management facilities and a fleet of specialized equipment and assets to help customers address production and operational waste challenges. Our highly effective, convenient and environmentally sound solutions help minimize environmental impact and maximize returns.
A privately-held company, we've been known for the past 25 years by the brands of our founding companies: CCS, Hazco, Beck, Concord and others. By joining together our individual expertise, experience, assets and services, we will be uniquely positioned to develop integrated project management solutions and provide customers easier access to our broad range of comprehensive services.
Vestar Sells Shares of AZ Electronic
LONDON -- March 2, 2012 -- AZ has received notification that The Carlyle Group and Vestar Capital Partners (the original "Major Shareholders") have today each sold their residual shareholding in the Company to institutional investors, through a combined placing of 44,097,548 shares conducted by Deutsche Bank (the "Placing").
The Placing completes the entire sell down by the Major Shareholders of their respective holdings in AZ following the Company's successful IPO in November 2010.
A full notification by the Company, pursuant to the Luxembourg transparency requirements, will be provided upon receipt of full disclosure from each of the Major Shareholders.
For further information, please contact:
AZ
Michael Arnaouti, Company Secretary
+44 (0) 20 8622 3814
FTI Consulting
Edward Bridges / Nick Hasell
+44 (0) 20 7269 7147
About AZ
AZ is a leading global producer and supplier of high quality, high-purity specialty chemical materials, operating in the high growth electronics market. Its materials are used in integrated circuits ("ICs") and devices, flat panel displays ("FPDs"), light-emitting diodes ("LEDs") and photolithographic printing. AZ is a critical partner to the leading global electronic players because our chemical technology allows them to enhance existing processes and enables them to innovate new products. This is critically important in the "digital world" where there is increasing global demand and a drive towards smaller, faster, more powerful and less expensive technology. AZ operates in ten countries, namely China, India, South Korea, Taiwan, Hong Kong, Japan, Singapore, the USA, France and Germany. It also has corporate and administrative offices in Luxembourg, the UK and Hong Kong, and employs over 1,000 people globally.
This information is provided by RNS, the company news service from the London Stock Exchange.