Chesapeake Services and Multi Packaging Solutions announced that they have entered into a definitive agreement to merge the two businesses. This merger of equals will create a leading global provider of print-based specialty packaging. The combined company will have sales of more than $1.4 billion on a pro forma basis, employ over 7,000 people throughout the world, and operate from more than 50 manufacturing facilities on three continents.

Upon completing the merger, ownership in the combined company will be split evenly between funds managed by global alternative asset manager The Carlyle Group (“Carlyle”) and Chesapeake management, who currently collectively own 100% of Chesapeake, and investment funds advised by Madison Dearborn Partners, LLC (“Madison Dearborn”) and MPS management, who currently collectively own 100% of MPS. Completion of the merger is subject to customary closing conditions, including regulatory approval. It is anticipated that the merger will close during the first quarter of 2014.

The Latham & Watkins team was led by London corporate partner David Walker and associate Andrew Clark, alongside New York tax partner David Raab, Washington D.C. financing partner Jeffrey Chenard and Washington D.C. corporate partners Patrick Shannon and Nick Luongo.

Latham & Watkins previously advised The Carlyle Group on its acquisition of Chesapeake from private equity house Irving Place Capital and funds managed by Oaktree Capital Management in July this year.