One month after the deal was announced, Milacron's acquisition by CCMP Capital Advisors LLC has been completed, with Ira Boots, former chairman and CEO of Berry Plastics set to join Milacron's board of directors as its chairman. CCMP, which describes itself as a private equity firm specializing in upper-middle-market buyouts and growth equity investments ranging from $100 to $500 million in the U.S. and Europe, was a one-time investor in Berry Plastics. CCMP declined to comment on its plans for Milacron, with a company spokesperson saying it was too early to discuss strategy.
CEO Dennis Smith and the management team will be retained as the leadership of Milacron. As part of the investment structure, the management team will continue to retain an ownership interest in the company going forward.
CCMP Capital Advisors LLC acquired Milacron from Avenue Capital Group, the private equity firm that bought the plastics machinery and industrial fluids supplier out of bankruptcy in June 2009.