The Chesapeake Corp has completed its financial restructuring through an acquisition by private equity institutions Irving Place Capital Management and Oaktree Capital Management together with management.
The new ownership marks an important transition for Chesapeake; the sale marks the completion of the reorganisation of its US operations and its transition from a publicly traded company listed in the US to a private company with headquarters in Europe. It will now operate as a private, independent, global company led by packaging industry veteran Jerry Kerins, who has been named chairman and CEO.
“With the financial backing of our new partners, Chesapeake is ideally positioned to support and continue to grow with our customers,” he says. “Chesapeake holds the number one or two supplier position in each of its markets and counts many of the world’s largest companies as customers. Supported by our talented team of employees, we can now move forward with our plans to expand the business with a strong capital structure and renewed enthusiasm.”
The US businesses will continue to operate as part of the company’s global operations, which include 42 locations in Europe, Asia, South Africa and the US. The headquarters is now in Amersham, UK.
