USA – Clayton, Dubilier & Rice, LLC (CD&R), through an affiliate, has concluded the previously disclosed US$2.6 billion acquisition of Veritiv.
Headquartered in Atlanta, Veritiv specializes in delivering packaging, facility solutions, print and publishing products, and JanSan and hygiene products, along with services and solutions. The company boasts distribution centers spanning the US and Mexico.
Per the terms outlined in the agreement announced in August 2023, CD&R acquired each outstanding Veritiv common stock share pre-closure at US$170 per share in cash.
Formerly listed on the New York Stock Exchange (NYSE), Veritiv has transitioned into a privately held entity.
Veritiv’s CEO, Sal Abbate, expressed the significance of this transaction, marking a pivotal moment in the company’s trajectory.
Abbate highlighted CD&R’s substantial investment, acknowledging Veritiv’s leading position as a specialty distribution solutions provider and applauding the team’s dedication.
He expressed confidence in the newfound partnership and the financial and operational flexibility as a private entity, foreseeing enhanced delivery of innovative and sustainable solutions to customers now and in the future.
Following the completion of the deal, John Stegeman, operating advisor to CD&R funds, assumes the role of chairman within the packaging company.
Berlin Packaging buys South Korea-based Nest-Filler
Meanwhile, US-based hybrid packaging supplier, Berlin Packaging, has acquired Nest-Filler PKG, a South Korea-based provider of packaging solutions for beauty and cosmetic products. The transaction sum remains undisclosed.
Established in 2003 by Steve Shim, Nest-Filler specializes in delivering a comprehensive array of packaging solutions tailored for the skincare and color cosmetic beauty sectors.
The company is known for its innovative plastic and glass packaging products, with a dedicated focus on sustainability.
Nest-Filler operates in collaboration with premier manufacturers in South Korea, pioneering cutting-edge packaging solutions through its in-house research and development center.
Notably, the company assists clients in embracing progressive packaging trends, integrating eco-conscious practices like post-consumer resin (PCR), refill technology, and other environmentally friendly solutions.
This acquisition is anticipated to broaden Berlin Packaging’s presence in the Asia-Pacific region and bolster its portfolio in the beauty and cosmetic packaging sphere. Importantly, all Nest-Filler employees and facilities will remain part of the consolidation.
UFP buys NORPAL and TIBASA
Finally, UFP Global Holdings Ltd., a subsidiary of UFP Industries, Inc. (Nasdaq: UFPI), has announced the full acquisition of ownership stakes in NORPAL S. de R.L. de C.V. and TIBASA Universal Forest Products S. de R.L. de C.V., both located in Mexico.
These entities will be amalgamated as UFP Palets y Embalajes S. de R.L. de C.V., functioning across three key locations: Monterrey, Durango, and Guanajuato.
Presently, these sites primarily focus on crafting wooden pallets, with a burgeoning expansion into other structural packaging arenas.
Overseeing this enterprise will be Rees Watson, a seasoned UFP Packaging executive, with support from Hector Labrada, founder of TIBASA, assuming the role of the new national sales director.
Dick McBride, executive vice president for UFP’s international operations, expressed gratitude towards longstanding partners in Mexico—the Fuhrken and Labrada families and Arturo Antunez—for establishing a robust foundation in the emerging packaging domain within Mexico.
McBride highlighted that this move solidifies UFP’s stature as a premier global packaging solutions provider, catering to multinational clientele across Mexico.
It’s worth noting that UFP’s other Mexican affiliate, Pinelli Universal, remains dedicated to supplying the U.S. retail building materials market and is not part of this recent transaction.
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