Addition of Leading Folding Carton Converter Builds Out PaperWorks’ Position As Fully Integrated Packaging Provider
BOCA RATON, FL Sun Capital Partners today announced that an affiliate has acquired Rosmar Packaging Corporation, one of the largest independent folding carton converters in North America. It is anticipated that Rosmar Packaging will be merged with PaperWorks Industries, a leading integrated, full–service packaging provider. Terms of the transaction were not disclosed.
Rosmar is one of the largest independent folding carton converters in North America and produces products across the packaging value chain, including folding cartons, flexible packaging, litho–laminates and blister cards, serving primarily the food and beverage, consumer goods, and pharmaceutical industries. Rosmar has approximately 750 employees in five facilities across the U.S., Mexico, and Canada.
PaperWorks was formed by the purchase of two paper mills in September 2008. In July 2009, PaperWorks merged with The Specialized Packaging Group, a leading producer of paperboard packaging for consumer products and an existing PaperWorks customer. On January 14, 2011, a Sun Capital affiliate completed the acquisition of Manchester Industries, a large scale sheeting operation which will also be merged into PaperWorks. PaperWorks’ products are used by global clients in the frozen foods, beverages, household goods and oral care industries.
“We have worked closely with the management team to grow PaperWorks, and Rosmar Packaging is an excellent fit for the business,” said Brian McGee, Vice President at Sun Capital Partners. “This acquisition significantly expands PaperWorks’ customer base, geographic reach and capacity, as well as product capabilities. Additionally, it greatly enhances PaperWorks’ market position as a fully integrated packaging provider.”
“This is a transformational deal for PaperWorks that augments our North American platform and our ability to provide customers with quality service and products,” said Chief Executive Officer Tom Garland. “Rosmar Packaging shares many of our core values. We look forward to bringing them into our enterprise and moving together towards even greater success.”
Domenic Mancini, Chairman of Rosmar Packaging and a partner at Novacap, Rosmar’s controlling shareholder, expressed satisfaction at the closure of the agreement between the companies. “Rosmar Packaging was a sound investment for Novacap – a great company that we’re sure will move on to even better things under the PaperWorks umbrella,” Mr. Mancini said. “As a company committed to quality and innovation, I can’t think of a better home for Rosmar Packaging than PaperWorks.”
Sun Capital has experience in the paper and packaging industry; the firm’s affiliated portfolio company investments include Albéa, a global supplier of tube, fragrance and cosmetic plastic packaging to the beauty industry; Exopack Holding, a North American flexible packaging converter and provider of paper and plastic packaging solutions; InteliCoat Technologies, a leading global supplier of precision coated paper, specialty substrates and imaging products; Reuther Verpackung GmbH & Co. KG, a full–service packaging provider; and VeriPlast Solutions, a manufacturer of a large range of packaging products.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 255 companies worldwide with combined sales in excess of $40 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.
About PaperWorks Industries, Inc.
PaperWorks Industries, Inc. is a leading North American integrated full–service packaging provider. The company’s Packaging Division is considered a leading innovator in the production of specialized folding cartons, with facilities in the U.S. and Canada. Its Paperboard Division manufactures approximately 300,000 tons of 100% recycled paperboard every year for a variety of end uses largely concentrated in consumer products. Founded in 2008, PaperWorks Industries is headquartered in Philadelphia, PA with over 1000 employees across 9 North American locations and annual sales in excess of US$325 million.
About Rosmar Packaging Corporation
Rosmar Packaging Corporation is one of the largest independent folding carton converters in North America. Rosmar Packaging operates six manufacturing facilities in North America, which provide the ability to convert short and medium run packaging for customers that value service and quality across the U.S., Canada and Mexico. The facilities feature a leading–edge technology platform that enables Rosmar Packaging to manufacture folding cartons, litho–laminated cartons, flexible packaging and other packaging products in a variety of substrates, calipers, shapes and sizes for the food, beverage and consumer product industries.
For more information contact:
Katrin C. Lieberwirth
Stanton Public Relations & Marketing
646–502–3548
klieberwirth@StantonPRM.com
