Irving Place Capital and Oaktree Acquire Specialty Packaging Company

May 1, 2009

Chesapeake (“Chesapeake” or “the Company”) today announced that it has completed its previously announced financial restructuring through an acquisition by private equity institutions Irving Place Capital Management, L.P. (“Irving Place Capital”) and Oaktree Capital Management, L.P. (“Oaktree”) together with management.

New ownership marks an important transition for Chesapeake, one of the world’s leading suppliers of consumer packaging. The sale effectively marks the completion of the reorganization of Chesapeake’s United States operations and its transition from being a publicly traded company listed in the United States to a private company headquartered in Europe. Chesapeake will now operate as a private, independent, global company led by packaging industry veteran Jerry Kerins, who has been named Chairman and Chief Executive Officer.

“With the financial backing of our new partners, Chesapeake is ideally positioned to support and continue to grow with our customers,” said Kerins. “Chesapeake holds the number one or two supplier position in each of its markets and counts many of the world’s largest companies as customers. Supported by our talented team of employees, we can now move forward with our plans to expand the business with a strong capital structure and renewed enthusiasm.”

Chesapeake’s United States-based businesses will continue to operate as part of the company’s global operations, which include 42 locations around the globe, including locations in Europe, Asia, South Africa and the United States. The Company has relocated its headquarters to Amersham, United Kingdom, where Kerins is based.

Jerry Kerins has more than 30 years of experience in the international packaging industry and worked closely with Irving Place Capital and Oaktree on the acquisition. He has led several highly successful packaging companies and has a reputation for supporting innovation and outstanding customer service.

Chesapeake manufactures value-added specialty paperboard packaging, including folding cartons, leaflets and labels for the pharmaceutical, confectionery and drinks markets worldwide, as well as rigid plastic packaging for niche markets in Europe and Africa.