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M&H PLASTICS BUY-OUT FUNDED BY BANK OF SCOTLAND CORPORATESeptember 12, 2007— CCMP Capital*, on behalf of J.P. Morgan Partners (“JPMP”)**, has reached an agreement to sell Maynard & Harris Plastics (“M&H”) to Bank of Scotland Corporate's Integrated Finance division and the incumbent company management. Bank of Scotland Integrated Finance has provided a debt and equity package to fund the secondary buy-out, in which management will hold a majority stake in the company, with the Bank taking a minority stake. M&H is a leading full service provider of premium plastic packaging, focused on highly differentiated, short product runs, offering flexible manufacturing and decorating services. The business core focus is the personal care market, with its packaging products found in households across the UK, Europe and the United States. Affiliates of JPMP acquired M&H in March 2003. In August 2006, the buyout and equity growth investment professionals of JPMP formed CCMP Capital and have continued to manage this investment on behalf of JPMP. Commenting on the agreement David Hornby, Director of Integrated Finance at Bank of Scotland Corporate, said, "We're delighted to have been given the opportunity to fund, and invest in, the future of Maynard & Harris. It is a leading company in its field and we like the approach it is taking to ensure a successful and prosperous future for the business. With M&H’s solid footing in key and growing sectors, we are confident that this is a sound and sustainable investment. Bank of Scotland Integrated Finance makes a point of investing in quality management teams with whom we enjoy a good relationship. This is epitomised by Mark and the rest of the M&H team. We look forward to working with them as they develop the business to our mutual benefit over the coming years." Mark Bryant, Chief Executive Officer of Maynard & Harris Plastics, said, “This is great news for everyone involved with M&H. The M&H team is very excited and looks forward to working with Bank of Scotland Integrated Finance to deliver the next phase of our growth strategy.” Pat Barrett, Chairman of Maynard & Harris Plastics, said, “The Management team and all their colleagues in the UK and US, well supported by CCMP Capital, have done an excellent job in growing the business in recent years and also in achieving significant operational improvements. Bank of Scotland Integrated Finance has acquired a very good business which is very well managed. I wish them and everyone in the M&H team every possible success in the years ahead.” Stephen Welton, Senior Member of CCMP Capital Advisors (UK), LLP, added, "Mark and his team have done an excellent job transforming M&H. The business is now well positioned for strong future growth. We wish the team well for this next stage after what has been a rewarding investment for us." Hawkpoint Partners acted as financial advisor to CCMP Capital and Kirkland and Ellis International LLP acted as legal advisors, while Mills & Reeve provided legal advice to the management team. Grant Thornton Corporate Finance acted as financial advisor to Bank of Scotland Integrated Finance and DLA acted as legal advisors. Ends. *CCMP Capital refers to CCMP Capital Advisors, LLC and its affiliates. ** JPMorgan Partners refers to J.P. Morgan Partners, LLC and its controlled investment vehicles. CCMP Capital Advisors, LLC manages investments made by JPMorgan Partners. --------------- Inquiries: M&H Mark Bryant (CEO) Tel: 01502 715 518 Bank of Scotland Corporate Andy Maciver (Media relations) Tel: 0131 243 7016 CCMP Capital Allison Cole CCMP Capital Advisors, LLC Tel: +1 (212) 600 9657 --------------- About Maynard & Harris Plastics M&H was founded in 1972 and is a leading full service, high-quality packaging provider, supplying a broad number of customers, in the growing personal care and adjacent markets. M&H serves these markets through the design, manufacture, supply and decoration of plastic bottles, jars, closures and flexible plastic tubes. Its operations focus on supplying tailored, end-to-end solutions to a customer base requiring short production runs of highly differentiated, high quality packaging combined with flexible manufacturing and decorating services. M&H has Europe’s largest range of standard rigid plastic packaging in the personal care sector, consisting of c. 900 bottles, closures and jars, as well as offering a bespoke service whereby it will design and produce a unique container and/or closure for ultimate brand differentiation. The Group operates from two dedicated sites, one in the UK and one in the US. The main manufacturing facility is a purpose built site located in Beccles, Suffolk, with an additional facility in Winchester, Virginia, serving the US market. About Bank of Scotland Corporate Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. Bank of Scotland Corporate employs over 8,300 employees. With experience across many areas of corporate finance, including Integrated Finance, Joint Ventures, Structured Finance, Acquisition Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Since launching its ground-breaking Integrated Finance unit back in 2000, the Bank has transacted over 100 deals with a total funding of around £8 billion. Today Bank of Scotland Integrated Finance provides funding to more mid-market MBOs than any other bank in the UK by providing a unique one-stop financing solution which meets all the funding requirements for a business undergoing a transaction. The M&H deal brings the number of new investments by Bank of Scotland Integrated Finance to nine so far in 2007, following hard on the heels of the recent Keepmoat, Polypipe, David Lloyd Leisure, Apollo Group and Lambert Smith Hampton transactions. Bank of Scotland Integrated Finance was the leading UK mid-market equity investor in 2005 and 2006 and remains on track to further its lead in 2007 About CCMP Capital As a premier private equity firm, CCMP Capital Advisors, LLC has invested approximately $12 billion in over 380 buyout and growth equity transactions since 1984. The foundation of CCMP Capital’s investment approach is to leverage the combined strengths of its deep industry expertise and proprietary global network of relationships by focusing on five targeted industries: Consumer, Retail and Services; Energy; Healthcare Infrastructure; Industrials; and Media and Telecom. Through active management and its powerful value creation model, CCMP Capital’s team has established a reputation as a world-class investment partner. Selected investments include: Aramark Corporation, Edwards, Generac Power Systems, Grupo Corporativo ONO, Hanley Wood, Harbor Point Re, Quiznos Sub, SafetyKleen Europe and Warner Chilcott. Prior to forming CCMP Capital, the firm’s principals led the buyout and growth equity investment business of J.P. Morgan Partners, LLC, a private equity division of JPMorgan Chase & Co. CCMP Capital follows the successful investment strategy its principals developed and implemented as members of JPMorgan Partners. CCMP Capital is a registered investment adviser with the Securities and Exchange Commission. About J.P. Morgan Partners J.P. Morgan Partners, LLC ("JPMP") is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984. As of August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase. The buyout and growth equity professionals formed CCMP Capital Advisors, LLC, which focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. The venture team formed Panorama Capital, LLC, and continues to focus on technology and life sciences investments. CCMP Capital and Panorama continue to manage the JPMP investments pursuant to a management agreement with JPMorgan Chase & Co. JPMP is a registered investment adviser with the Securities and Exchange Commission. Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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