Berry’s Consumer Packaging International Division Partners with Agile Capital in South Africa

Berry Global Group, Inc.'s (NYSE: BERY) Consumer Packaging International (CPI) division in South Africa has concluded a transaction with Agile Capital, in which Agile Capital has acquired the shares in Berry CPI South Africa previously held by empowerment partner WDB Investment Holdings.

In a letter by Berry CPI South Africa's Managing Director, Craig Matthews, dated 6 March 2024, it was brought to the attention of Berry CPI South Africa's customers, suppliers, and stakeholders that due to the interpretation of the broad-based Black economic empowerment (B-BBEE) structure of the business's previous B-BBEE partner, WDB Investment Holdings, the decision had been made by Berry CPI South Africa and WDBIH to dispose of their shareholding in the Berry CPI South Africa business. The letter also detailed that the business was in the process of evaluating options for a new B-BBEE partner.

Based in Johannesburg, South Africa, and led by exceptional investment professionals, Agile Capital has built a substantial, diversified investment portfolio and long-term partnerships, yielding favorable returns for investors. The company is 100% black owned and has significant black women ownership, providing a sustainable empowerment solution to its partner companies.

Liz Kolobe, partner at Agile Capital, described the concluded deal with Berry CPI South Africa through the acquisition of the WDB Investment Holdings' shares in the company, as an "attractive investment opportunity".

"We have had great interactions with the Berry CPI South Africa management team and look forward to working with them and the stakeholders in taking the business forward," said Kolobe.

The Agile Capital management team consists of investment professionals with extensive commercial experience, qualifications, and networks in business. The team has strong deal origination capabilities as demonstrated by the current assets under management in excess of R2.3 billion.

Now that this transaction has been concluded, the business is moving actively towards a new formal B-BBEE audit to finalize the B-BBEE score for the business, which will be communicated as soon as completed.

"We are thrilled to embrace Agile Capital as our new local partner in South Africa and look forward to making a difference in the lives of everyone involved," said Matthews. "This significant deal will offer customers and the market at large direct access to international products and technology while enabling procurement from an empowered supplier in terms of B-BBEE legislation."

About Berry
At Berry Global Group, Inc. (NYSE: BERY), we create innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 40,000 global employees across more than 250 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. For more information, visit our website, or connect with us on LinkedIn or X.

About Agile Capital
Agile Capital is a Private Equity Business with a track record that spans more than a decade which pursues investments in various sectors in South Africa. Agile Capital is focused on investing in companies with strong growth prospects and solid management teams, thereby ensuring that the businesses' long-term objectives are achieved. For more information, please go to https://www.agilecapital.co.za/