Multi-Color Corporation has announced that its anticipated acquisition by an affiliate of Platinum Equity, a private equity firm, is now complete. At closing, Multi-Color Corporation merged with a subsidiary of WS Packaging, another label supplier within Platinum Equity's portfolio of companies.
News that Multi-Color would be acquired by Platinum Equity broke in February.
The combined company, which will be known as Multi-Color Corporation and headquartered in Cincinnati, Ohio, is a $2.2bn USD per annum revenue business with 86 plants in 26 countries and more than 10,000 global employees. WS Packaging is now a Multi-Color Corporation business unit and will continue to serve customers with its own management team, sales force, plants and Green Bay, Wisconsin-based support services.
Louis Samson, partner at Platinum Equity, said: ‘Bringing these companies together creates one of the most extensive manufacturing and production footprints in the industry and a business with unrivaled technology and expertise. We will work with the management team to ensure a seamless transition and will continue pursuing new avenues for growth.’
Nigel Vinecombe, executive chairman of Multi-Color Corporation's board of directors since January 2016, and president and CEO of the company from June 2010 to January 2016, has been named CEO for the combined company, bringing more than 35 years of label industry experience to the role.
Vinecombe said: ‘I am excited for this opportunity to open new areas of growth for our company that will allow us to even better serve our customers with a comprehensive suite of label solutions across all regions, technologies and run lengths. This is a testament to all Multi-Color Corporation has achieved in our mission to deliver the world's best premium label solutions - and we are confident this is only the beginning of what we will accomplish together with WS Packaging.’ Vinecombe will succeed Mike Henry, who is transitioning into an advisory role with the company.
‘As we take these next steps, I want to thank Mike for his leadership and the contributions he's made to Multi-Color's growth and success,’ Vinecombe said. Louis Samson, partner at Platinum Equity, said, ‘Bringing these companies together creates one of the most extensive manufacturing and production footprints in the industry and a business with unrivaled technology and expertise. We will work with the management team to ensure a seamless transition and will continue pursuing new avenues for growth.’
As of July 1, Multi-Color Corporation is a privately held company, and shares of Multi-Color Corporation common stock ceased trading on the Nasdaq stock market.