Photo: wolfsavard via flickr
Solo Cup Co., the company that makes the red solo cup that’s become a staple at college frat parties and backyard BBQs, is being purchased by Dart Corporation, it was announced yesterday. [via WSJ]The deal will cost about $1 billion—Solo Cup Co. is being purchased for $315 million and Dart will take on the company’s $700 million of debt, according to the WSJ.
Ironically, Dart specialises in making foam cups for warm drinks. The company said it would continue using the Solo Cup’s name because of the cultural status of the red cups.
Evercore Partners and Goldman Sachs were the advisors to Solo Cup on the deal. Not bad.