Greif acquisition history

Greif purchased the industrial containers business of Sonoco Products Company, an early step in building out its fibre and steel drum manufacturing footprint in North America. The transaction was funded with borrowings and materially increased Greif's long-term debt in fiscal 1998.

Greif acquired Great Lakes Corrugated Corp. and Trend Pak, Inc. together for roughly $21 million, paid in cash drawn on its revolving credit facility. The two businesses added corrugated products capacity and contributed about $16 million of incremental net sales in the following year. approximately $21 million (combined).

Greif acquired the Van Leer Industrial Packaging business from Finland's Huhtamaki (Huhtamaki Van Leer Oyj) for $555.0 million, less certain assumed obligations. The purchase bundled together Royal Packaging Industries Van Leer N.V. (Netherlands), Huhtamaki Holdings do Brasil (Brazil), Van Leer France Holding, Van Leer Containers, Inc. (U.S.) and American Flange & Manufacturing Co. (U.S.). The deal roughly doubled Greif's scale and established it as a leading global producer of industrial packaging.

Greif's international subsidiaries acquired the Blagden Packaging Group's new steel drum manufacturing, closures and bulk bag businesses in Europe and Asia for EUR 205.0 million (subject to a working-capital adjustment). The acquired operations carried roughly US$265 million of annualized net sales and about 820 employees across the Netherlands, Belgium, France, the UK, Spain, Singapore and Malaysia. Deal terms were undisclosed at announcement and the price was confirmed at closing. EUR 205.0 million (approx. US$265M annualized net sales).

Acquisition of Blagden's steel drum and closures business is consistent with Greif's long-term strategy to be the leading producer of industrial packaging around the world. We expect our shareholders, customers and employees alike will benefit from our industry consolidation activities and expanded network in Europe and Asia.Michael J. Gasser — Chairman & CEO, Greif, Inc.

By adding Blagden's steel drum and closures business to Greif's existing footprint, our customers can be assured of a continued optimal and cost-effective supply of packaging material for the future.Ivan Signorelli — SVP, Industrial Packaging & Services - Europe, Greif

In its fiscal fourth quarter of 2006, Greif acquired Delta Petroleum Company, Inc. and its subsidiaries, a North American blender and packager of lubricants, chemicals and glycol-based products that also operated an industrial packaging business in Russia. Greif did not disclose a standalone price; the FY2006 10-K reported two small U.S. industrial-packaging acquisitions in November 2006 for an aggregate $33.7 million.

Greif acquired Caraustar Industries, Inc., a vertically integrated leader in coated and uncoated recycled paperboard, from an affiliate of H.I.G. Capital. Caraustar's products serve industrial applications (tubes and cores, construction products, protective packaging, adhesives) and consumer packaging (folding cartons, set-up boxes). The purchase price, net of cash acquired, was $1,834.9 million (an enterprise value of roughly $1.8 billion, about 8.2x LTM run-rate EBITDA of ~$220 million). It was Greif's largest acquisition and substantially expanded its paper franchise. $1,834.9 million (net of cash; ~$1.8B enterprise value).

Caraustar offers an exceptional strategic and cultural fit for Greif. Its complementary paperboard operations significantly enhance Greif's scale and scope in the industrial packaging space.Pete Watson — President & CEO, Greif, Inc.

Greif is a well-known market leader with a strong manufacturing base. Our customers will benefit from Greif's customer service focus and broad product offering and our employees will join a culture with a strong legacy for service and quality.Mike Patton — President & CEO, Caraustar Industries

Greif acquired Tholu B.V. and its wholly owned subsidiary A. Thomassen Transport B.V., a Netherlands-based leader in intermediate bulk container (IBC) rebottling, reconditioning and distribution. Total consideration was $52.2 million net of cash, with $25.1 million paid at closing and $29.2 million deferred on a set payment schedule. Although legally structured as a joint venture with Tholu's former owner, the economics led Greif to consolidate the business. $52.2 million (net of cash; $25.1M at close + $29.2M deferred).

Greif acquired Lee Container Corporation, an industry-leading U.S. manufacturer of high-performance barrier and conventional blow-molded containers, jerrycans and small plastics. Lee primarily serves growth customers in agrochemical, other specialty chemical, oil & lubricant and pet-care end markets, operating three plants in Homerville, GA; Centerville, IA; and Nacogdoches, TX with 500+ employees. The stated purchase price was $300 million (before tax benefits with an NPV of ~$30 million); the 10-K reported $303.0 million net of cash. For the trailing twelve months ended Sept 30, 2022, Lee had sales of ~$162 million and adjusted EBITDA of ~$33 million. $303.0 million (net of cash; ~$300M purchase price).

The acquisition of Lee Container is a critical step in our continued Build to Last journey.Ole Rosgaard — President & CEO, Greif, Inc.

Greif increased its ownership of Centurion Container LLC from roughly 10% to 80%, gaining control of a leading North American intermediate bulk container (IBC) reconditioning business active in IBC rebottling, reconditioning and distribution. Cash consideration was $144.5 million net of cash acquired; the remaining 20% noncontrolling interest was valued at $40.9 million and is redeemable. Because Greif previously held ~10% under the equity method, it recorded a $9.8 million step-acquisition gain. $144.5 million (net of cash; step-up to controlling interest).

Greif acquired a 51% ownership interest in ColePak, LLC, a manufacturer of bulk and specialty paper partitions made from both containerboard and uncoated recycled board and the second-largest supplier of paper partitions in North America. Cash consideration was $74.6 million; the remaining 49% noncontrolling interest was valued at $72.1 million and is redeemable. ColePak sits within the Paper Packaging & Services segment and added ~$60.1 million of goodwill. $74.6 million (net of cash; 51% interest).

Greif acquired Reliance Products, Ltd., a leading Canadian producer of high-performance barrier and conventional blow-molded jerrycans and small plastic containers, for $20.2 million net of cash acquired. The deal added ~$4.1 million of goodwill and ~$1.1 million of intangibles and extended Greif's blow-molded plastics platform into Canada, complementing the Lee Container acquisition. $20.2 million (net of cash).

Greif acquired Ipackchem Group SAS, a global leader in premium barrier and non-barrier jerrycans and small plastic containers, for a total purchase price of $582.1 million. Ipackchem brings proprietary barrier technology and manufacturing facilities across five continents, with exposure to secular-growth end markets including agriculture, specialty chemicals, flavors & fragrances, and pharma/medical diagnostics. Greif framed it as a platform investment supporting growth in EMEA and APAC. The deal was announced via a put-option letter on Oct 31, 2023 and closed March 26, 2024.

The IPACKCHEM portfolio is in perfect alignment with Greif's strategic growth aspirations in jerrycans and other small plastics. Its state-of-the-art facilities are located in many of the regions we already serve, leading to significant value creation opportunities.Ole Rosgaard — President & CEO, Greif, Inc.

Over the last three decades IPACKCHEM built a global platform delivering Safe, Sustainable, and Secure packaging solutions and we are excited for our next chapter with Greif.Jean-Philippe Morvan — CEO, Ipackchem