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CD&R Completes Acquisition of Veritiv Corporation

منتشرشده در by Maxwell
14
آذر

Veritiv Corporation, a leading distributor of packaging, facility solutions, and print products, today announced that an affiliate of Clayton, Dubilier & Rice, LLC (CD&R) completed its acquisition of the company.

CD&R is a private investment firm with offices in New York and London.

On August 7, 2023, CD&R and Veritiv announced they had entered into a definitive agreement under which each share of Veritiv common stock issued and outstanding immediately prior to the closing of the transaction would be acquired for $170.00 per share in cash, valuing Veritiv at approximately $2.6 billion.

“The completion of this transaction represents an important milestone in our company’s journey,” said Sal Abbate, Chief Executive Officer of Veritiv. “CD&R’s significant investment in Veritiv is a testament to our company’s strong positioning as a leading specialty distribution solutions company and to our team’s hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today – and into the future.”

 

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Sonoco completes acquisition of RTS Packaging

منتشرشده در by Maxwell
21
شهریور

Sonoco Products Company announced the completion of its acquisition of the remaining equity interest in RTS Packaging, LLC from joint venture partner WestRock and one WestRock paper mill in Chattanooga, Tennessee. The acquisition will further strengthen and expand Sonoco’s 100% recycled fiber-based packaging solutions to serve growing consumer wine, spirits, food, beauty and healthcare markets. Prior to closing the transaction, Sonoco was a 35% owner in the joint venture with WestRock.

With this acquisition, Sonoco adds a network of 15 operations and 1,100 employees in the U.S., Mexico, and South America. The purchase price for this acquisition was $۳۳۰ million, subject to customary price adjustments. The Company funded the acquisition with borrowings under its existing credit facilities and cash on hand. After the transaction, the Company’s net debt to adjusted EBITDA ratio is less than 2.9x. The acquisition is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments.

Founded in 1899, Sonoco is a global provider of packaging products.

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Greif buys 51% stake in paper partitions supplier ColePak, LLC

منتشرشده در by Maxwell
11
شهریور

Greif, Inc. has acquired 51% of the ownership interest in ColePak, LLC in an all-cash transaction funded through Greif’s existing credit facility.

ColePak is the second largest supplier of paper partitions in North America and has a compelling future growth path in that unique product niche. As partners, ColePak adds a completely new product offering to the Greif paper converting portfolio, which provides integration to the Greif mill system in both containerboard and URB grades. Additionally, the ColePak margin profile is immediately accretive to the Greif portfolio.

The ColePak financial results will be reported within the Greif Paper Packaging & Services segment as part of its Q4 2023 results.

Greif is a global leader in industrial packaging products and services.

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Revitalized industrial site enters final redevelopment stage

منتشرشده در by Maxwell
02
شهریور

The owners of the former Verso Paper Luke Mill site in Western Maryland have prepared the property for redevelopment and are now selling the final two parcels, which include the 55-acre main mill site and the 85-acre Beryl Woodyard.

V Luke, LLC is a consortium of three investment firms which purchased the site in April, 2022 and have since conducted a successful internationally marketed sale of all machinery and equipment from the paper mill, repurposed all usable above-ground assets to other manufacturers and assured that the sites are cleared of all discoverable materials, old structures and debris. After an exhaustive above-ground hazardous materials survey, an environmental clean-up of the site along the north branch of the Potomac River is also underway.

The three investment firms which formed V Luke, LLC include CRG Equity, LLC, Rabin Worldwide and Big Shoulders Capital.

Three parcels have already been sold for alternate industrial use, including the 42-acre Savage Woodyard, a 15-acre parcel with a 200,000 square foot converting facility and a 15-acre multi-use parcel in Piedmont, MD.

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