P&M Corporate Finance ("PMCF") is pleased to announce that it has successfully closed two sell-side M&A transactions within the corrugated packaging industry during the third quarter of 2022. The shareholders of Progress Container & Display ("Progress Container") and the owners of Kentwood Packaging Corporation ("KPC") each selected PMCF's Packaging Group, led by John Hart, to serve as the exclusive financial advisor/investment banker.
Sale of Progress Container to The Royal Group
Based in Winder, Georgia, Progress Container is a premier solutions provider in the corrugated industry, offering a range of packaging for industrial, retail, eCommerce, and point-of-purchase display customers. Progress Container was acquired by The Royal Group ("TRG"), a wholly owned subsidiary of Schwarz Partners, in September 2022.
"This is a fantastic opportunity for TRG to expand our capabilities and solutions for our customers," said Bob McIlvaine, CEO of TRG. "Progress Container is a well-respected name in our industry, and their commitment to high graphics solutions and state-of-the-art equipment further enhances our mission statement to provide value-added solutions to the most demanding customers."
Progress Container marks the 17th manufacturing facility and 37th TRG location nationwide. This acquisition supports TRG's strategic focus centered around growth, innovation and people. This will be the second TRG location in Georgia, including Dalton Box, and provides expanded coverage and capabilities to customers in the southeast.
"We're really excited to join The Royal Group," said Jim Johnson, Jr., President of Progress Container & Display. "Coming into another family business who share the same values, culture, and integrity in business is very important to our family and builds upon the legacy that my father started 51 years ago."
Johnson added, "John and the PMCF team were critical to the success of this once-in-a-lifetime transaction for my family. They spent considerable time with us prior to launching a transaction and guided us through every step of the transaction process. I am very pleased with the outcome and would highly recommend John and the PMCF team to other corrugated packaging companies considering a transaction."
Hart also commented on the transaction. "We were proud to represent Progress Container on this transaction and enjoyed working with Jim and his sisters. The company has been a long-time innovator in the corrugated industry and has a unique culture. TRG turned out to be the perfect buyer, bringing a similar culture and the ability to leverage what Jim and his father have built over many years."
Sale of KPC to Hood Container Corporation
Located in Walker, Michigan, KPC specializes in providing custom packaging solutions to a wide variety of industries, including automotive, appliance, agricultural, consumer, furniture, electrical, and electronics. KPC was acquired by Hood Container Corporation ("Hood"), a wholly owned subsidiary of Hood Companies, Inc., in August 2022.
Jack Skoog and Tom Boluyt, co-owners of KPC, stated, "We have built this business successfully over the last 30 years by creating a customer-centric business model. Our focus has been to partner and collaborate with our employees, customers, and suppliers. We are extremely excited to be joining a family-owned company in Hood, whose values and culture truly mirror ours. We will be a stronger partner for our customers with the benefits of Hood's national footprint and their ability to offer vertical supply chain integration."
Charlie Hodges, President and COO of Hood Container Corporation, commented, "Kentwood Packaging has a long history of providing superior products and customer service to the Grand Rapids markets. Tom Boluyt and Jack Skoog have created a company that has at its core, a culture of strong leadership, care for their employees, and stellar product and service offerings to support and surpass their customers' needs. Hood sees Kentwood as an excellent fit with our own company's guiding principles and desires to be the best supplier to our customers in the markets we have elected to serve. The addition of Kentwood will help us to continue to build on those key qualities as we merge Kentwood and our own cultures going forward."
Skoog added, "John and his team were instrumental to the success of this transaction. Their strong understanding of the corrugated packaging space was apparent; they helped find the best partner for our company and efficiently navigate each step of the transaction process. I would highly recommend PMCF to other packaging companies considering a transaction."
Tom Boluyt added, "PMCF did a great job preparing us for the transaction process and best positioning the company for discussions with potential partners. John clearly has a lot of experience in our space and a strong network of relationships."
"We were proud to represent KPC in this transaction. Jack and Tom built a highly successful and unique packaging company that should continue to do well under Hood Container's ownership. It was an honor to work with Jack, Tom, Bill, and their team in achieving this major milestone," commented Hart, Managing Director of PMCF.
PMCF is a client-centric middle-market investment bank providing merger-and-acquisition advisory services to privately held shareholders as well as public, and private equity-owned companies worldwide. The firm combines expansive industry and transactional expertise with highly engaged, senior-level bankers to create tailored solutions for clients. PMCF has been serving the packaging industry for over 20 years and has a long track record of successful transactions involving specialty, niche players across most segments of the industry. Please visit pmcf.com to learn more.
PMCF is a trade name for PMCF Advisors, LLC and P&M Corporate Finance, LLC, a FINRA-registered broker-dealer and SIPC member firm. PMCF Advisors, LLC provides M&A advisory services, and P&M Corporate Finance, LLC provides capital-raising services. These firms are related by common control and professional staffing.
Managing Director, P&M Corporate Finance (PMCF)
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Original Source: PMCF Advises Two Corrugated Packaging Industry Transactions in Third Quarter 2022