Add-on Acquisition • Packaging

Rock-Tenn Co. Acquires Innerpac

On August 9, 2010, Rock-Tenn Co. acquired packaging company Innerpac from CW Industrial Partners and Evolution Capital Partners

Acquisition Context
  • This is Rock-Tenn Co.’s 12th transaction in the Packaging sector.
  • This is Rock-Tenn Co.’s 16th transaction in the United States.
  • This is Rock-Tenn Co.’s 3rd transaction in Illinois.

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M&A Deal Summary

Date August 9, 2010
Target Innerpac
Sector Packaging
Buyer(s) Rock-Tenn Co.
Sellers(s) CW Industrial Partners
Evolution Capital Partners
Deal Type Add-on Acquisition

Target Company

Innerpac

Cicero, Illinois, United States
Innerpac, one of the leaders in chipboard and corrugated packaging and partitions, is pleased to announce that Bar A Enterprises of Santa Fe Springs and Stockton, California is merging operations with Innerpac, LLC of Cicero, Illinois, El Paso, Texas and Keene, New Hampshire effective September 2nd 2008.
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Buyer Overview 1

Buyer

Rock-Tenn Co.

Norcross, Georgia, United States

Category Company
Founded 1936
Sector Packaging
Employees25,800
Revenue 9.5B (2013)
DESCRIPTION

Rock-Tenn Company provides packaging solutions and manufacturers of containerboard and paperboard. based in Norcross, Georgia, United States.


Deal Context for Buyer #
Overall 18 of 23
Sector: Packaging 12 of 14
Type: Add-on Acquisition 16 of 20
State: Illinois 3 of 4
Country: United States 16 of 21
Year: 2010 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-05 Southern Container

Hauppauge, New York, United States

Southern Container Corp. is a containerboard manufacturing and corrugated packaging business.

Buy $851M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-23 Smurfit-Stone Container

Chicago, Illinois, United States

Smurfit-Stone Container Corporation is one of the industry's integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.

Buy $3.5B

Seller Profiles 2

SELLER

CW Industrial Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 500M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

CW Industrial Partners is an industrial-focused private equity firm that is backed by knowledgeable investors who partner with it in finding, vetting, and owning companies. CW Industrial Partners acquires lower middle-market companies in manufacturing and industrial services industries and provides capital, support, and freedom to grow. CW Industrial Partners was founded in 1999 and is based in Cleveland, Ohio.


Deal Context for Seller #
Overall 2 of 18
Sector: Packaging 1 of 1
Type: Add-on Acquisition 2 of 10
State: Illinois 1 of 2
Country: United States 1 of 16
Year: 2010 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-01 Bancsource

Springfield, Missouri, United States

Bancsource is a nationwide maintenance service (equipment) provider to more than 1,500 banks and retailers. Key technology serviced includes ATMs, smart safes, teller cash dispensers, teller cash recyclers, drive-up banking, branch banking equipment, and other banking technology. Bancsource was founded in 1979 and is based in Springfield, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-26 Imperial Parking

Vancouver, British Columbia, Canada

Imperial Parking Corp. is one of the largest parking management companies in North America, operating approximately 4,600 parking facilities with 16,000 employees in more than 400 cities across the United States and Canada.

Sell -
SELLER

Evolution Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Evolution Capital Partners is a 'hands-on' private equity firm focused on partnering with smaller companies where additional capital and management resources can improve business growth prospects. Evolution looks to invest $2 - $10 million in businesses with $1 to $2 million of free cash-flow. Areas of interest include business services, information services, financial services, distribution, 'scalable sales-focused businesses', healthcare services, and niche manufacturing. Evolution prefers businesses located East of the Mississippi River. Evolution Capital Partners was formed in 2005 and has offices in Cleveland and Chicago.


Deal Context for Seller #
Overall 1 of 9
Sector: Packaging 1 of 1
Type: Add-on Acquisition 1 of 3
State: Illinois 1 of 1
Country: United States 1 of 9
Year: 2010 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-28 The American Eagle Mortgage Co.

Lorain, Ohio, United States

American Eagle Mortgage is a premier mortgage lender providing loans in Ohio, Kentucky and Florida. American Eagle specializes in providing FHA and VA lending solutions for new home buyers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-21 SEAM Group

Beachwood, Ohio, United States

SEAM Group provides an unparalleled approach to strategic enterprise asset management, ensuring a safe environment while achieving improved utilization, enhanced performance and reliability all while reducing costs. SEAM specializes in electrical safety, predictive maintenance programs, reliability consulting and repair services; each supported by patented software systems ensuring program metrics. SEAM Group was formed in 1993 and is based in Beachwood, Ohio.

Buy -