Berry Plastics Completes Acquisition of AEP Industries Inc.

Name: Berry Global, Inc.
Address: 101 Oakley Street, Evansville, Indiana, 47710
Telephone: +1 (877) 662-3779
Price range: £000 - £0000000

January 20, 2017

EVANSVILLE, Ind.--(BUSINESS WIRE)--Jan. 20, 2017-- Today, Berry Plastics Group, Inc. (NYSE: BERY) completed the previously announced acquisition of AEP Industries Inc. (AEP).

Berry issued 6.5 million common shares and paid $297 million as merger consideration in exchange for all of the outstanding shares of AEP common stock and outstanding AEP equity awards. Additionally, Berry paid $164 million to retire outstanding AEP debt. Berry financed the cash consideration of the acquisition with a new $500 million 7-year term loan. Including the new shares issued, Berry's outstanding common stock has increased to approximately 129 million shares, resulting in a market capitalization of approximately $6.5 billion.

“We are extremely excited to complete the acquisition of AEP and to welcome the AEP team to the Berry Plastics organization,” said Jon Rich, Chairman and CEO of Berry Plastics. “The acquisition of AEP has given us the opportunity to expand the breadth of product offerings and production capacity within our Engineered Materials Division, enabling us to better serve our customers. Moreover, we anticipate opportunity for significant value creation for our shareholders, as we realize synergies in both our operations and in our materials procurement.”

Citigroup acted as exclusive financial advisor and Bryan Cave acted as legal advisor for Berry Plastics. BofA Merrill Lynch acted as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom and Honigman Miller Schwartz and Cohn acted as legal advisors for AEP.

About Berry Plastics

Berry Plastics Group, Inc. is a leading provider of value-added plastic consumer packaging, nonwoven specialty materials, and engineered materials delivering high-quality customized solutions to our customers. The Company’s world headquarters is located in Evansville, Indiana, with net sales of $6.5 billion in fiscal 2016 and is listed on the New York Stock Exchange under the ticker symbol BERY. For additional information, visit the Company’s website at www.berryplastics.com .

Forward-looking statements

Certain statements and information included in this release may constitute "forward looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Berry to be materially different from any future results, performance, or achievements expressed or implied in such forward looking statements. Additional discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations is contained in the company’s Securities and Exchange Commission (“SEC”) filings, including Berry’s Annual Report on Form 10-K filed with the SEC on November 30, 2016 and the registration statement on Form S-4 (File No. 333-213803), as amended and supplemented, that Berry filed with the SEC in connection with its acquisition of AEP. Berry does not undertake any obligation to update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170120005504/en/

Source: Berry Plastics Group, Inc.

Berry Plastics Group, Inc.
Media Contact:
Eva Schmitz
812-306-2424
evaschmitz@berryplastics.com
or
Investor Contact:
Dustin Stilwell
812-306-2964
dustinstilwell@berryplastics.com

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