Amersham, United Kingdom , 01 May 2009 -- (BUSINESS WIRE) -- Chesapeake has completed its previously announced financial restructuring through an acquisition by private equity institutions Irving Place Capital Management, LP and Oaktree Capital Management, LP, together with management.
New ownership marks an important transition for Chesapeake, one of the world’s leading suppliers of consumer packaging. The sale effectively marks the completion of the reorganization of Chesapeake’s United States operations and its transition from being a publicly traded company listed in the United States to a private company headquartered in Europe. Chesapeake will now operate as a private, independent, global company led by packaging industry veteran Jerry Kerins, who has been named chairman and chief executive officer.
“With the financial backing of our new partners, Chesapeake is ideally positioned to support and continue to grow with our customers,” said Kerins. “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.”
Chesapeake’s United States-based businesses will continue to operate as part of the company’s global operations, which include 42 locations in Europe, Asia, South Africa, and the United States. The company has relocated its headquarters to Amersham, United Kingdom, where Kerins is based.
Chesapeake manufactures value-added specialty paperboard packaging, including folding cartons, leaflets and labels for the pharmaceutical, confectionery and drinks markets worldwide, and rigid plastic packaging for niche markets in Europe and Africa. The company employs approximately 5400 people worldwide.