Agrees to Acquire Fort Dearborn from Advent International and Multi-Color from Platinum Equity

Clayton Dubilier & Rice (“CD&R”) today announced a definitive agreement under which CD&R funds will acquire and combine Fort Dearborn and Multi-Color Corporation (“MCC”), to create the world’s largest label solutions company serving customers worldwide. The CD&R funds are acquiring Fort Dearborn and MCC from global private equity investors Advent International and Platinum Equity, respectively. Terms of the transaction were not disclosed.

“We see strong strategic logic and promising value creation potential in bringing these two leading label manufacturers together,” said Nate Sleeper, CD&R Chief Executive Officer. “We look forward to working with the combined company’s leadership team to help drive innovation and enhance its offering to a highly discerning customer base around the world. We see numerous opportunities to drive operational scale, achieve sustained growth, and we believe our expertise can help position the combined company for success well into the future.”

The combination of Fort Dearborn and MCC will create a diversified platform across label technologies, end categories, geographies and customers. It will serve a diverse mix of customers active in a number of end categories, including wine and spirits, food and beverage, beer, and home and personal care. The combined company is expected to generate approximately $3 billion of annual revenue.

David Scheible, Operating Advisor to CD&R funds will serve as chairman of the combined company. Mr. Scheible is the former Chairman and CEO of Graphic Packaging and currently serves on the Fort Dearborn Board of Directors.

“We believe the growth opportunities that this combination and new investment partnership with CD&R present will greatly benefit our customers, suppliers, and employees alike,” said Kevin Kwilinski, President and CEO of Fort Dearborn. “We believe MCC’s global footprint and CD&R’s experience helping industrial companies enhance operational execution and achieve global scale and growth will benefit the combined enterprise. We appreciate Advent International’s partnership over the last five years in helping us drive commercial and supply chain excellence, build scale and reach attractive new end categories. As we enter this next chapter, we look forward to delivering an even greater variety of solutions to our customers throughout the world and enabling opportunities for our employees as part of a larger, more global organization.”

“At MCC, we have continually worked to invest in our people, processes and technology in order to strengthen our organization and become one of the most trusted and innovative label manufacturing leaders across the globe,” said Nigel Vinecombe, CEO of MCC. “This combination with Fort Dearborn and the ongoing support of value-added investors provide the opportunity to continue to strengthen the business, invest in the expansion of our global footprint, and provide best-in class service to our customers.”

"We are excited to help strengthen a global prime label business through this combination," said Robert Volpe, CD&R Principal. "We believe that the combined company will have a scaled global platform across end categories and geographies, innovative label technologies, favorable growth prospects, and a deep set of capabilities to serve customers all over the world.”

The acquisitions and merger are subject to customary closing conditions and are expected to be completed by the end of 2021. Latham & Watkins served as legal counsel to MCC on the transaction. Goldman Sachs & Co., supported by Citi Bank, served as lead financial advisor to Fort Dearborn, and Kirkland & Ellis served as legal counsel. BofA Securities served as lead financial advisor and Barclays, Credit Suisse, Deutsche Bank Securities Inc., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC provided advisory services to CD&R, and Debevoise & Plimpton LLP served as legal counsel on the transaction. CD&R obtained committed financing from Bank of America, Goldman Sachs Bank, Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo, and RBC Capital Markets, LLC.

About Fort Dearborn
With 20 locations across the United States, Fort Dearborn’s mission is to be the leading prime label supplier to the consumer goods marketplace by offering a comprehensive and innovative suite of label solutions to consistently meet its customers’ dynamic packaging needs and business objectives. Fort Dearborn is committed to customer intimacy and providing customers with value, service, and the highest quality attainable. The company has been able to effectively manage the diverse needs of its customer base by delivering solutions designed to meet customers’ needs and exceed their expectations every single day. For more information, visit www.fortdearborn.com.

About Multi-Color Corporation
Cincinnati, Ohio, U.S.A. based Multi-Color Corporation (MCC), established in 1916, is a leader in global label solutions supporting a number of the world’s most prominent brands including leading producers of Beverage, Wine & Spirits, Food & Dairy, Personal Care & Beauty, Home Care & Laundry, Healthcare, Durables & Technical and Automotive & Chemicals. MCC serves national and international brand owners in North, Central and South America, Europe, Africa, China, Southeast Asia, Australia and New Zealand with a comprehensive range of the latest label technologies in Pressure Sensitive, Cut and Stack, Wraps, Aluminum, In-Mold, Shrink Sleeve and Heat Transfer. For additional information on Multi-Color Corporation, please visit http://www.mcclabel.com.

About Clayton, Dubilier & Rice
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $35 billion in 100 companies with an aggregate transaction value of more than $150 billion. The Firm has offices in New York and London. For more information, visit www.cdr-inc.com.

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 375 companies across 42 countries, and as of March 31, 2021, had $74 billion in assets under management. With 14 offices in 11 countries, Advent has established a globally integrated team of over 240 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.