Greif Inc. completes purchase of Caraustar

Greif Inc. completes purchase of Caraustar
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H.I.G. Capital, a  New York-based private equity firm, has completed the sale of its former portfolio company Caraustar Industries Inc., Austell, Georgia, to Delaware, Ohio-based Greif Inc. for $1.8 billion.

Caraustar produces uncoated recycled-content paperboard and coated recycled paperboard (CRB), with a variety of applications that include tubes and cores and specialty products. Additionally, Caraustar operates a network of recycling facilities in the United States, primarily in the South.

Greif is an industrial packaging products and services firm with a presence in more than 40 countries. The company produces steel, plastic and fiber drums; intermediate bulk containers; reconditioned containers; flexible products; containerboard; and now the board and specialty products made in Caraustar’s facilities.

H.I.G. initially acquired Caraustar in May 2013 in partnership with Caraustar’s management. Subsequently, it has more than doubled Caraustar’s revenue and profitability through organic investment and acquisitions, according to an H.I.G. press release.

Remarks Tenno Tsai, H.I.G’s managing director, “Caraustar is a terrific organization with exceptional leadership, and it has been a pleasure supporting Mike Patton and his team to transform the business – more than doubling Caraustar’s size over our hold period. As a result, Caraustar has delivered an outstanding return for H.I.G. and its investors.”

Comments Pete Watson, Greif’s president and CEO, ”I am pleased that we have completed the acquisition of Caraustar Industries and I welcome our new colleagues to the Greif team. The addition of Caraustar bolsters our leadership position and enhances our existing portfolio of packaging solutions. We look forward to delivering on the opportunities that the addition of Caraustar provides for our team, our customers and our shareholders.”

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Source: Recycling Today
Greif Inc. completes purchase of Caraustar
<![CDATA[H.I.G. Capital, a  New York-based private equity firm, has completed the sale of its former portfolio company Caraustar Industries Inc., Austell, Georgia, to Delaware, Ohio-based Greif Inc. for $1.8 billion. Caraustar produces uncoated recycled-content paperboard and coated recycled paperboard (CRB), with a variety of applications that include tubes and cores and specialty products. Additionally, Caraustar operates a network of recycling facilities in the United States, primarily in the South.Greif is an industrial packaging products and services firm with a presence in more than 40 countries. The company produces steel, plastic and fiber drums; intermediate bulk containers; reconditioned containers; flexible products; containerboard; and now the board and specialty products made in Caraustar’s facilities.H.I.G. initially acquired Caraustar in May 2013 in partnership with Caraustar’s management. Subsequently, it has more than doubled Caraustar’s revenue and profitability through organic investment and acquisitions, according to an H.I.G. press release.Remarks Tenno Tsai, H.I.G’s managing director, “Caraustar is a terrific organization with exceptional leadership, and it has been a pleasure supporting Mike Patton and his team to transform the business – more than doubling Caraustar’s size over our hold period. As a result, Caraustar has delivered an outstanding return for H.I.G. and its investors.”Comments Pete Watson, Greif’s president…