Packaging Acquisitions in 2023

Specialized Packaging Group (SPG), a portfolio company of Altamont Capital Partners, acquired Monroe, Michigan-based Complete Packaging from the Spell Family Office in late 2023. The add-on purchase expands SPG’s engineered/protective packaging capabilities and Midwest footprint while adding roughly 90 employees to SPG’s ~1,600-person workforce.

Main Street Capital Corporation completed a $43.2 million portfolio investment in Pinnacle Topco, LLC to facilitate the recapitalization of Pinnacle Plastics, Inc. and Integrity Plastics, Inc. The investment includes first‑lien senior secured term debt, a direct equity stake and a revolving credit facility provided alongside an unnamed co‑investor to support growth initiatives and working capital.

Novvia Group, a national rigid container and life-sciences packaging distributor backed by Kelso & Company, has acquired JWJ Packaging LLC, a Millstone Township, New Jersey-based supplier of drums, pails and other rigid containers. Financial terms were not disclosed; JWJ will be combined with Novvia's existing New Jersey subsidiary, Rahway Steel Drum, as part of Novvia's Northeast U.S. expansion.

Investcorp has led an INR 340 crore (approximately $41 million) growth investment in Canpac Trends, a paper-based packaging manufacturer headquartered in Ahmedabad. The transaction provides a partial exit to JM Financial India Fund II and will be used to expand Canpac’s production footprint across India, accelerate acquisitions and strengthen R&D.

Novvia Group, a national rigid container and life sciences packaging platform backed by Kelso & Company, has acquired Ocean State Packaging, a Rhode Island supplier of plastic bottles, caps and value‑added decoration services. The deal expands Novvia's footprint into New England and supports the platform's Northeast growth strategy; financial terms were not disclosed.

Inno-Pak LLC, a portfolio company of Emerald Lake Capital Management, has acquired Albany Packaging Inc., a Canadian manufacturer of folding paperboard cartons. The deal (terms not disclosed) expands Inno-Pak's North American manufacturing footprint and paperboard capacity, strengthening its capabilities in foodservice, grocery and convenience-store packaging.

Arcade Beauty has acquired ORLANDI's TruEssence product line, including laboratory and slurry production equipment and related intellectual property, as ORLANDI exits the scented strips category. Arcade Beauty also entered a strategic lease for a Chattanooga, Tennessee facility to consolidate laboratory and slurry production; ORLANDI will focus on other sampling technologies and scented retail products.

The Shoreham Group led a recapitalization of Merrill Industries, LLC, partnering with the company’s senior management. Parkway Capital supported the transaction by providing subordinated debt and minority equity to back the recapitalization of the corrugated packaging manufacturer serving Southern New England.

Resource Label Group (RLG), a portfolio company of Ares Management, has acquired Coast Label Company, a Fountain Valley, California-based label manufacturer. The deal is an add-on acquisition to RLG’s platform, expanding its West Coast manufacturing footprint and capabilities in pressure-sensitive, medical device and industrial label solutions.

Unicorr Packaging Group, a family-owned corrugated converter based in North Haven, Connecticut, has acquired TriState Container Corporation, a Bensalem, Pennsylvania corrugated packaging manufacturer with three Philadelphia-area facilities. The deal expands Unicorr's geographic footprint into Pennsylvania and adds TriState's high-graphic and digital printing capabilities to Unicorr's manufacturing network.

CORE Industrial Partners has completed the acquisition of General Converting, a Bolingbrook, Illinois-based folding carton manufacturer serving food, confectionery and consumer brands. The deal combines General Converting with CORE's recent investment in Century Box to form a new folding carton platform that expands geographic reach, capabilities and customer exposure across attractive end markets.

Greif, Inc. has entered into exclusive negotiations to acquire IPACKCHEM Group SAS from an affiliate of SK Capital Partners in a cash transaction valued at $538 million. IPACKCHEM, headquartered in Paris with ~1,400 employees and LTM sales of ~$235 million (adjusted EBITDA ~$57 million), will expand Greif's capabilities in premium barrier and small plastic containers and support growth in EMEA and APAC.

Oji Holdings Corporation has completed the acquisition of Walki Group Oy from private equity owner One Equity Partners. Walki, headquartered in Espoo, Finland, is a pan‑European manufacturer of sustainable packaging and engineered materials with 17 production facilities and more than 1,700 employees; OEP had owned Walki since July 2018 and grew revenue over 125% during its ownership while executing seven add‑on acquisitions.

GHK Capital Partners LP completed the acquisition of JohnsByrne, a premium folding carton packaging and specialty print solutions provider headquartered in Niles, Illinois. GHK said the investment will support JohnsByrne's organic and inorganic growth, diversify its product portfolio and strengthen its customer-focused sales strategy.

ProMach, via its ID Technology labeling & coding business line, has acquired Lofton Label & Packaging, a Minneapolis–Saint Paul-area producer of labels and printed flexible packaging. The acquisition expands ProMach's label converting and flexible packaging capabilities and adds Lofton's Inver Grove Heights production site and a team of over 70 employees to ProMach's Labeling & Coding portfolio.

Imperial Dade has acquired Eugene Allard Produits d'Emballage et d'Entretien, a Quebec-based distributor of paper goods, packaging materials and janitorial products. The acquisition expands Imperial Dade's Canadian footprint and adds scale in Quebec; financial terms were not disclosed.

Genera acquired the Camarillo-based assets of molded-fiber manufacturer and equipment supplier Zume Inc. in a cash transaction to add thermoforming equipment and accelerate expansion of its sustainable molded-fiber packaging capabilities for foodservice and consumer products.

Flexpak, a Shorehill Capital-backed packaging distributor, acquired Katzke Packaging Co. and Packaging Converting in Aurora, Colorado, effective September 1, 2023. The add-on expands Flexpak's Colorado footprint and combines Katzke with Flexpak's prior Preferred Packaging acquisition to create a stronger regional packaging platform.

Specialized Packaging Group (a portfolio company of Altamont Capital Partners) has acquired Protective Packaging Solutions (PPS), a custom designer and fabricator of engineered protective packaging based in Aurora, Colorado. The acquisition expands SPG's engineered packaging capabilities and geographic reach, adding approximately 90 employees to SPG's ~1,600-person workforce; Monroe Capital provided a senior credit facility to support the transaction.

ShawKwei & Partners has acquired 100% of CTL Packaging USA, Inc. from Kaizaharra Corporación Empresarial (KCE) and will merge CTL into its portfolio company ICONS Beauty Group. The acquisition adds a U.S.-based plastic tube manufacturing capability (Charlotte, North Carolina) to ICONS' global beauty and health packaging platform to provide onshore production and broaden decorative and luxury finishing capabilities.

TJC LP (TJC) has acquired Soteria Flexibles Holdings LLC from Ardian. Headquartered in Carol Stream, Illinois, Soteria is a North American flexible packaging manufacturer that Ardian built into a multi-plant platform through add-on acquisitions; financial terms were not disclosed.

Imperial Dade has acquired Prime Paper & Packaging, a family-owned distributor of foodservice, industrial and janitorial products based in Downey, California. The acquisition, terms not disclosed, expands Imperial Dade's distribution density in the Los Angeles market and brings the Farah family's team into Imperial Dade's North American platform.

Greif Inc. acquired a 51% majority ownership interest in ColePak LLC in an all-cash transaction funded through Greif's existing credit facility. The deal adds ColePak’s paper partition product line to Greif’s paper converting portfolio, is immediately accretive to margins, and provides exposure to stable food & beverage end markets; Cole family owners Jason and Ryan Cole will remain involved.

360Pack, a Shore Capital Partners–backed packaging distribution platform, has acquired Team Packaging Inc., a custom packaging solutions provider based in Aurora, Colorado. The transaction is 360Pack's third add-on and expands the platform's footprint and capabilities across the Western United States, strengthening service offerings for food production, meat processors, and retail grocery customers.

Imperial Dade has acquired The Ohio & Michigan Paper Company (O&M), a family-owned distributor of janitorial, paper and packaging products based in Perrysburg, Ohio. The deal—Imperial Dade's 69th acquisition—adds density in the Midwest; financial terms were not disclosed and the seller is the Leininger family.

Global packaging leader TricorBraun has acquired CanSource, a Longmont, Colorado-based provider of can and sleeve packaging solutions, from Broadtree Partners. The acquisition expands TricorBraun’s beverage packaging capabilities across North America and will allow CanSource to operate as CanSource, a TricorBraun company while retaining its existing locations and team.

An affiliate of private equity firm Clayton, Dubilier & Rice (CD&R) has completed the acquisition of Veritiv Corporation for $170.00 per share, valuing the company at approximately $2.6 billion. Veritiv, a leading North American distributor of packaging, JanSan/hygiene and print products headquartered in Atlanta, will become a privately held company under CD&R to pursue accelerated organic and inorganic growth and operational improvements.

Conner Industries, a Fort Worth-based provider of lumber and integrated packaging solutions, has acquired Guardian Packaging Industries LP, a Garland, Texas-based foam cutting and integrated packaging specialist (including its Southwest Air Products division). The acquisition expands Conner's integrated packaging footprint and capabilities — including foam, corrugate and adhesive foam tape production — and supports growth into military/defense and other industrial end markets in the Dallas/Fort Worth area.

One Rock Capital Partners (through an affiliate) has entered into a definitive agreement to acquire Constantia Flexibles from Wendel. Constantia is a global flexible-packaging manufacturer serving pharmaceutical, food and consumer-goods customers with roughly 7,650 employees across ~30 sites in 16 countries; One Rock said it will partner with management to pursue growth and operational improvements.

Affiliates of SK Capital Partners acquired a majority interest in Ecopol S.p.A., a Italy-headquartered producer of water‑soluble and biodegradable films, while CEO Mauro Carbone and minority investor Tikehau Capital retain significant stakes. The investment will support Ecopol's continued expansion of production capacity — including its new U.S. facility in Griffin, Georgia — and accelerate entry into new markets and applications for sustainable delivery systems.

KDV Label, a Wisconsin-based custom label manufacturer, has acquired Selective Label & Printing of Sugar Grove, Illinois. The deal expands KDV's Midwestern footprint and adds Selective's digital and flexographic converting capabilities while Selective's president, Michael Brucher, will remain in a leadership role and become a shareholder of KDV.

Imperial Dade has acquired Atlantis Packaging, a family-owned distributor of industrial and packaging products based in Chino, California. The acquisition expands Imperial Dade's scale and presence in Southern California and broadens its product offering to Atlantis customers across North America; financial terms were not disclosed.

Weston Forest, a Mississauga-based distributor and remanufacturer of lumber and specialty panel products, has acquired Kings Wood Products of Paris, Ontario. The deal expands Weston's Canadian manufacturing base and adds Kings' pallets, boxes and specialty packaging capabilities to Weston's industrial product offering.

Nefab Group AB has acquired PolyFlex Products, Inc., a US-based provider of engineered returnable and plastic packaging solutions. The acquisition strengthens Nefab's market position in the Americas and expands its offering in lithium-ion battery (LiB), e-mobility and automotive packaging; Angle Advisors acted as exclusive financial advisor to PolyFlex.

PaperWorks Industries Inc. has completed the acquisition of The Standard Group, a custom printed paperboard packaging converter with a manufacturing facility in Louisville, Kentucky. The deal adds ~120 employees and expands PaperWorks' integrated folding carton footprint and vertical integration across North America; PaperWorks is PE-backed (Gamut Capital Management).

All4Labels Global Packaging Group (a Triton-backed packaging platform) has acquired Springfield Solutions, a UK-based digital packaging and self-adhesive label specialist. Springfield — which employs about 100 people and will remain under its existing management — will become a subsidiary of the All4Labels Group; terms were not disclosed.

Resource Label Group (RLG), a portfolio company of Ares Management, has acquired Pharmaceutic Litho and Label Company (PLLC), a manufacturer of printed inserts, labels and packaging components with locations in Simi Valley, California and Winston-Salem, North Carolina. PLLC will combine with RLG's recently acquired MedLit Solutions to expand and strengthen RLG's national pharmaceutical and healthcare packaging capabilities.

Center Rock Capital Partners has made a platform investment in MAI Holdings, Inc. (Mark Andy), a leading provider of label and packaging printing equipment, consumable supplies, and aftermarket parts and services. The Desai family remains as existing equity holders and the investment will support growth across end markets including consumer packaged goods, pharmaceutical, and food & beverage.

Ryeco, LLC — a Cartersville, Georgia-based manufacturer backed by family office Bellview Capital Partners — has acquired Sandar Industries, Inc., a turn-up systems, adhesive tape and packaging solutions maker based in Atlantic Beach, Florida. The add-on expands Ryeco's product portfolio and paper & packaging footprint to better serve its global customer base; terms were not disclosed.

Novvia Group, a Kelso & Company-backed national rigid container and life sciences packaging distributor based in St. Louis, acquired Northern Container, a rigid packaging distributor operating a 35,000 sq. ft. facility in Alsip, Illinois. Financial terms were not disclosed; the deal expands Novvia's Midwest footprint and augments its product and service capabilities (next-day delivery, steel/plastic pails, paint cans, bottles and jars).

GELPAC, a North American packaging solutions leader, has acquired Standard Multiwall Bag Mfg. Co., a family-owned manufacturer with production plants in Beaverton, Oregon and Lubbock, Texas. The deal — supported by financing from CDPQ, W Investments and a banking syndicate led by National Bank of Canada and with strategic support from NAMAKOR Holdings — expands GELPAC's production footprint and strengthens its capacity to serve agrifood, pharmaceutical and industrial customers across North America.

Voyant Beauty, a portfolio company of Wind Point Partners, has acquired Jade Road Design and Sourcing, a turnkey supply-chain and packaging solutions provider for the fragrance industry. The add-on expands Voyant's fragrance packaging, sourcing, design and engineering capabilities and is the fourth acquisition for Voyant under Wind Point's ownership.

Imperial Dade has acquired Green Streets USA, Inc., a Nashua, New Hampshire-based distributor of foodservice, industrial and packaging supplies. The transaction expands Imperial Dade's scale in the Northeast and adds Green Streets' product and customer footprint to Imperial Dade's distribution platform; financial terms were not disclosed.

BOX Partners, a national packaging wholesaler majority‑owned by Charlesbank Capital Partners, has acquired The Packaging Wholesalers (TPW), a nationwide packaging distributor with a more than 20‑year track record. The deal combines distribution footprints and capabilities to create a larger national wholesaler with six distribution locations and 3M+ square feet to improve product assortment and faster delivery for customers.

Flexpak, LLC (a Shorehill Capital portfolio company) completed the acquisition of select assets in St. George, Utah on April 14, 2023 to establish a new branch distributing packaging supplies. The move expands Flexpak's Mountain West footprint to better serve Southern Utah and the Las Vegas market and strengthens its local sales presence with the addition of branch lead Doug Bardsley.

Carton Pack, a portfolio company of A&M Capital Europe, has acquired Smilesys, an Italian producer of resealable and sustainable packaging products headquartered in Veneto. The add-on expands Carton Pack's sustainable and innovative packaging capabilities, particularly in food packaging for fruit & vegetables, snacks and bakery, while Smilesys will continue to be led by its management team.

Hub Plastics has acquired Midwest Container and Industrial Supply Company, a St. Louis–area manufacturer of rigid plastic bottles, as owner Kent Meentemeyer transitions to retirement. Terms were not disclosed; Midwest Container will be rebranded as Hub Plastics - Midwest, and Sikich Investment Banking served as exclusive sell-side adviser.

Iconex acquired MAX International Converters, Inc., MAXStick Products Ltd. and key assets from McAuliffe Paper Inc., expanding its liner-free and high-performance label product portfolio. The deals (financial terms undisclosed) add MAXStick technology and McAuliffe's coating assets to Iconex's global label and receipt solutions platform to better serve retail, food service, warehousing and pharmaceutical customers.

OMNI Systems, a Cleveland-based thermal label printer, has acquired ITW Labels from Illinois Tool Works. The acquisition expands OMNI’s geographic footprint and printing capabilities by adding ITW Labels’ operations in St. Charles, Missouri; Gardner, Kansas; and Bogart, Georgia, while preserving local plants and employees.

Insight Equity acquired Clearly Clean (a maker of recyclable PET food trays) in a partnership with Blue Sage Capital, which joined as a minority investor. The transaction will fund expansion of manufacturing capacity, sales and marketing investments, and product-line growth for Clearly Clean, which is headquartered in Orwigsburg, Pennsylvania.