MISSISSAUGA, ONTARIO (Jan. 9, 3:50 p.m. ET) — Private investment firm CI Capital Partners has acquired IntraPac Group for undisclosed terms, CI Capital has announced. The deal was effective in late December.
IntraPac is a specialty packaging producer based in
“IntraPac's unique value proposition, offering a complete specialty packaging product suite, is a very attractive platform for growth,” stated CI Capital President Steven Lefkowitz in a news release. “IntraPac has a strong track record of growth and profitability, a proven ability to make attractive acquisitions, and long-term relationships with a high quality, diverse customer base.”
In conjunction with the transaction, Thomas Linton, former president of North American Packaging Corp., will become CEO of IntraPac. Linton left Nampac in mid 2009 when Nampac's parent company, Bway Corp. of
“We have ambitious plans for growth, some through acquisitions and some from internal growth” Linton said in a telephone interview.
IntraPac's diversity was a big reason he decided to take the helm of the business, Linton explained.
“We can grow it in many different direction,” Linton elaborated. “[IntraPac's diversity] gives lots of windows for growth.”
IntraPac products include jars, bottles, caps and closures and tubes for personal care, pharmaceutical, food, beverage, household and industrial chemical markets. It runs eight production facilities in North and
IntraPac is a platform for CI Capital to pursue other packaging opportunities, said CI Capital managing director Tom Ritchie in a telephone interview. CI Capital also is involved in packaging through its KIK Custom Products subsidiary of
CI Capital, based in
Ritchie said CI Capital doesn't plan to consolidate any other plants after the closure of the Swedesboro, N.J., operation. Linton said there are opportunities for further efficiency gains, especially in sales and marketing where representatives can cover a range of IntraPac offerings rather than specialize in one area.
IntraPac's continuing production operations are two plants in
GE Antares Capital, BMO Capital Markets, Madison Capital Funding LLC and Audax Mezzanine provided financing for the transaction.
IntraPac was owned by former CEO Gary Ullman, who will not continue with the business, and two investors. They decided to sell the business to focus on other interests. The former principals could not be reached for comment.