Blackstone-controlled plastic container maker Graham Packaging Co, that acquired a minority stake in Indian container manufacturing firm PPI Blow Pack, is looking to raise up to $350 million (Rs 1,627 crore) through an initial public offering in the US.

Graham Capital--a wholly owned subsidiary of US-based Graham Packaging Holdings in which buyout major Blackstone hold 81% limited partnership interest besides 4% general partnership interest--- is also going through a restructuring where it will be renamed as Graham Packaging Co and all the assets and operations of the parent company (including the stake in Mumbai-based PPI Blow Pack) will be transferred to the subsidiary and the parent company will cease to exist.

GPC Investments LLC and Graham Alternative Investment Partners I or their affiliates controlled by Donald Graham and his family (Graham Family), own the balance interest in the company.

The proposed IPO comes after a failed bid last year to see through a reverse merger with blank cheque or special purpose acquisition company Hicks Acquisition that sought to take Graham Packaging public in a $ 3.2 billion deal. Early this year this deal was terminated.

Graham Packaging, that manufactures plastic containers for food items and automotive lubricants, had three months back purchased 22% stake in PPI Blow Pack Private Limited, an Indian limited liability company founded by Prahlad Deora, for $1.4 million (Rs 6.5 crore). One World Resources acted as the financial advisors to PPI Blowpack in this transaction.

PPI Blow Pack, which has been in business since 1972, produces rigid plastic containers for the food, pharmaceutical, chemical and FMCG markets in India. It is a part of the Deora Group of Companies, which is focused on the packaging solutions business and education besides some exposure in real estate sector.

The deal, pursuant to which the Indian company was to be renamed Graham Blowpack, was seen as another step in global expansion of Graham Packaging.

Graham Packaging caters to many blue-chip branded consumer product companies and produces over 20 billion container units annually at 82 plants in North America, Europe, and South America. It has manufacturing facilities in Argentina, Belgium, Brazil, Canada, Finland, France, Mexico, the Netherlands, Poland, Spain, Turkey, United States and Venezuela among other locations. In 2008, it had revenues of $2.5 billion with net loss of $ 57.3 million.

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