Slaughters joins two US firms on £3.3bn Apollo acquisition of plastics company
The private equity giant has acquired Europe's largest plastic packaging company
January 23, 2019 at 06:52 AM
2 minute read
Slaughter and May, Paul Weiss Rifkind Wharton & Garrison and Sullivan & Cromwell have taken roles on the sale of European plastic packaging company RPC to a fund managed by private equity firm Apollo for £3.3bn.
FTSE 250 company RPC, which is headquarted in Northamptonshire, is the biggest producer of plastic packaging in Europe.
Paul Weiss London corporate partner David Lakhdhir is leading the US firm's team advising Apollo, a key private equity client of the firm since it hired US rainmaker and longstanding adviser to Apollo, Taurie Zeitzer. As a result, the firm advised Apollo the following year on its acquisition of security systems giant ADT Corp for $6.9bn.
Sullivan & Cromwell is advising Apollo on UK matters on the transaction, with its team led by London corporate finance partner Ben Perry.
Davis Polk & Wardwell is advising Barclays and Citigroup Global Markets as financial advisers to Apollo Management, with London corporate partners Nick Benham and Will Pearce leading the team.
Slaughters is advising RPC with head of corporate Andy Ryde and corporate partner Paul Mudie leading for the magic circle firm. This is the first major deal that Slaughters has advised on for RPC Group.
The deal is expected to close in the second quarter of 2019.
In 2017, RPC was advised by Ashurst regarding its $750m bridge-term loan facility used to acquire Letica Group, a North American manufacturer and distributor of rigid plastic packaging and food service products, serving the building and construction, food service, food, chemical and retail end markets.
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