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State's largest private company plans to go public

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The state's largest private company plans to go public.

Evansville-based Berry Plastics Group Inc., a container maker owned by funds affiliated with Apollo Global Management LLC, on Friday filed to sell up to $500 million of stock in an initial public offering.

Proceeds of the sale will be used to repay debt and for general corporate purposes, the company said in a filing with the U.S. Securities and Exchange Commission. The amount of the offering may change. The company did not disclose how many shares it plans to issue or their expected price.

Apollo will continue to hold a majority of the voting rights after the share sale, it said.

Berry Plastics was founded in Indiana in 1967. It had revenue of $4.4 billion in fiscal year 2010. The company manufactures products including plastic containers, packaging, tapes and films.

Berry Plastics posted a loss of $299 million for the fiscal year ended Oct. 1, down from a $113 million loss a year earlier, as expenses grew faster than sales. Long-term debt as of Dec. 31 was $4.5 billion.

The company said it has acquired more than 30 packaging businesses since 1988, with 10 deals completed in the past five years. It has more than 16,000 employees, according to the filing with more than 2,000 of those in Indiana.

Apollo, based in New York, and Graham Partners Inc. agreed to acquire Berry’s parent, BPC Holding Corp., in a $2.25 billion deal in 2006 from the private-equity units of Goldman Sachs Group Inc. and JPMorgan Chase & Co.

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  • More IPOs?
    I'm getting sick of all this small-fry Indy firms thinking they deserve to be listed. Nobody outside of Indianapolis cares about AngiesList (paid version of Yelp), Exacttarget (spam email firm), or Sharpiros Deli. None of these companies are worth anything either.

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  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

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