Greif acquired Ipackchem Group SAS for $582.1 million, a transaction completed in March 2024, structured as all cash.
Ipackchem Group SAS operates in Global Industrial Packaging (custom/polymer), is based in EMEA and APAC (facilities across five continents), had revenue of about ~$57M LTM adjusted EBITDA (~25% EBITDA margins). 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.
Fully aligned with Greif's enterprise strategy of growing into margin-accretive, resin-based products with strong circularity characteristics serving multiple end markets; immediately accretive to EBITDA margins and free cash flow.
Global premium-jerrycan leader with unique barrier technology and entry into new geographies/end markets; ~25% EBITDA margins, 65% cash conversion. ~$7M estimated synergies within 18 months (synergized EBITDA ~$64M) Global Industrial Packaging
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
Advisory firms were not disclosed for this transaction.