Lake Forest-based Solo Cup Co. sold for about $1 billion

Dart Container Corp., the world’s largest maker of foam cups, agreed to buy Solo Cup Co. for about $1 billion to expand its range of products.

The takeover, which is subject to regulatory approval, is expected to close in the third quarter, the closely held companies said today in a statement. Terms of the deal weren’t disclosed.

Dart, which is based in Mason, Michigan, will continue to offer red Solo cups and other products under the Solo brand, the companies said.

Solo is majority owned by the family of the Lake Forest-based company’s founder, Leo J. Hulseman. New York- based private equity firm Vestar Capital Partners IV LP is also a shareholder.

Goldman Sachs Group Inc. and Evercore Partners Inc. advised Solo and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. Ernst & Young Corporate Finance Inc. advised Dart and Vinson & Elkins LLP served as legal counsel.