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May 07, 2015 02:00 AM

KapStone Paper buying Victory Packaging

Jim Johnson
Staff Writer
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    Victory Packaging LP, a national distributor of all types of packaging, including plastic, is being acquired by KapStone Paper and Packaging Corp.

    Victory Packaging, which also does business under the Golden State Container name in California, has 65 distribution centers in the United States, Mexico and Canada. Net sales were $953 million last year.

    "Victory recognizes that making our next leap will take more resources and experience. We are excited about the match of KapStone's people and business model to where Victory is headed,” said Victory CEO Benjamin Samuels in a statement.

    The deal is valued at $615 million, and will allow KapStone to realize a tax benefit of $100 million to bring the net purchase price to about $515 million.

    "Acquiring Victory will provide KapStone with growth based on Victory's impressive, profitable track record. The acquisition will allow KapStone to de-risk operations by providing a higher level of integration,” said Roger Stone, CEO of KapStone in a statement.

    Roger Stone is a well-known name in the paper packaging business, having spent decades at various companies making containerboard and corrugated boxes.

    Victory Packaging, based in Houston, handles paper-based products, but also distributes various plastic products including: film packaging and structures, bags, pouches, printed shrink sleeves, vacuum packaging, portion control packaging, shrink film, bands and labels, according to its website.

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