CANADA – Greif, an industrial packaging products and services provider, has completed the acquisition of Reliance Products, Ltd., expanding its barrier technology portfolio.
The all-cash transaction, which reflects approximately 6.75 times proforma adjusted EBITDA, was funded through Greif’s existing credit facility.
With its sole operating location in Winnipeg, Canada, Reliance strategically positions its operations to cater to the key agriculture markets in North America.
The company’s operations perfectly complement Greif’s recently acquired Lee Container business, further expanding Greif’s presence across various geographic regions.
Reliance products utilize a unique in-mold fluorination barrier (IMF) process, which adds a valuable capability to the Greif portfolio of barrier technologies.
“The acquisition of Reliance is a compelling bolt-on to our recently acquired Lee Container business and adds geographic breadth and an exciting new barrier technology to our jerrycan and small plastic container offering,” said Ole Rosgaard, President and Chief Executive Officer of Greif.
“Reliance has built a strong business serving the Canadian market under the guidance of The Bodtker Group, and we intend to build on their technical expertise to unlock even more potential and growth.”
Greif’s ultimate goal is to become the best-performing customer service company in the industry. This acquisition aligns perfectly with their vision, as they continue to strive for excellence in providing top-notch products and services to their valued customers.
The results of operations for Reliance will be reported within the Greif Global Industrial Packaging segment.
Additional information on the acquisition and its expected impact on go-forward operations will be discussed as part of our 2023 fiscal fourth-quarter earnings call scheduled for December 7, 2023.
Earlier, Greif inaugurated an Intermediate Bulk Container (IBC) manufacturing facility in Dilovasi, Turkey.
The newly opened facility in Dilovasi covers an extensive area of 13,000ft². It is equipped with modern industrial infrastructure, including advanced manufacturing and assembly lines.
The primary objective of this facility is to offer a comprehensive range of packaging solutions to cater to the diverse needs of its customer base.
Through this expansion, Greif reaffirms its commitment to excellence, continuous improvement, and providing exceptional customer service.
With the capability to meet the demanding IBC market in Turkey, Greif is also seeking to foster partnerships with local reconditioning companies for future sustainable solutions.
