About This Deal

Greif acquired Lee Container Corporation, Inc. for $303.0 million (net of cash; ~$300M purchase price), a transaction completed in December 2022, structured as all cash (funded via existing credit facility).

Lee Container Corporation, Inc. operates in Global Industrial Packaging (custom/polymer), is based in United States (Georgia, Iowa, Texas), had revenue of about ~$162M LTM sales; ~$33M adj. EBITDA (TTM 9/30/2022). 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.

A critical step in Greif's Build to Last strategy, expanding into margin-accretive, resin-based blow-molded packaging serving growth end markets.

Leading North American blow-molded jerrycan maker with growth-oriented agrochemical/specialty-chemical customers. ~$6M of synergies expected within first two years Global Industrial Packaging

Deal Terms

Acquirer
Greif
Target
Lee Container Corporation, Inc.
Value
$303.0 million (net of cash; ~$300M purchase price)
Date
December 2022
Type
Full acquisition
Status
Ready

Transaction Details

Target HQ
United States (Georgia, Iowa, Texas)
Segment
Global Industrial Packaging (custom/polymer)
Structure
All cash (funded via existing credit facility)
Target revenue
~$162M LTM sales; ~$33M adj. EBITDA (TTM 9/30/2022)
Announced
November 9, 2022
Closed
December 15, 2022

In Their Words

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

Advisors

Advisory firms were not disclosed for this transaction.

Related Deals & Entities

Sources: Press release ↗ · SEC filing ↗

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