UK/US - Irving and Oaktree acquire Chesapeake from administration

Chesapeake filed for bankruptcy in December 2008, as it was reportedly unable to repay its debt burden. The acquisition will see the company reorganise its US operations and transition from being a publicly traded company in the US to a privately owned company headquartered in the UK. As part of the deal, packaging industry veteran Jerry Kerins will join as chairman and CEO of the company.

Chesapeake manufactures specialty paperboard packaging, including folding cartons, leaflets and labels for the pharmaceutical, confectionary and drinks markets worldwide. The business also supplies rigid plastic packaging for niche markets in Europe and Africa.

The company's headquarters, which were previously located in Richmond, Virginia, will now be based in Amersham.

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• Topics
• Buyouts
• UK / Ireland