Paper and packaging supplies distributor Millcraft announced Oct. 12 that it acquired Protective Packaging Products (P3) — a Louisville, KY-based distributor of custom corrugated and protective packaging primarily serving automotive and industrial markets.

Financial terms were not disclosed.

Founded in 2001, P3 supplies custom corrugated packaging, returnable packaging, polybags, polyfoam and bubble bags. Its services include specialized assembly, inventory management and just-in-time delivery.

The acquisition expands Millcraft’s protective packaging capabilities and supports its strategy of growing its packaging business through specialized products, services and expertise.

P3’s assembly operation completes approximately 3,000-5,000 assembled parts each week, providing customers with packaging components ready for use. The company also maintains customer inventory through proprietary software that supports just-in-time and same-day delivery. Millcraft said P3 has a customer retention rate exceeding 95%.

Following the acquisition, P3 will continue operating as its own entity from its existing facility, maintaining its specialized processes, service model and customer relationships. Millcraft said preserving P3’s ISO 9001 certification — a quality management standard widely used throughout the automotive supply chain — will remain a priority.

“P3 has developed an operating model that works exceptionally well for its customers, and we want to build on that success,” Millcraft CEO Travis Mlakar said. “Our goal isn’t to change what makes P3 successful. It’s to give the team additional resources and opportunities to grow.”

Millcraft said its broader product portfolio, supplier relationships, sales organization and distribution network create opportunities to bring P3’s protective packaging services to additional automotive and industrial customers.

“As we looked toward the future, it was important to find a partner that shares those values and would continue building on the culture and customer relationships that have made P3 successful,” P3 co-owner Robert Head said. “We believe Millcraft is that partner, and we’re excited about the opportunities this creates for our employees, customers and suppliers.”

Founded in 1920, Cleveland-based Millcraft is an independent, fourth-generation, family-owned distributor serving the paper, packaging and graphic arts industries. Its offerings include printing and office papers, industrial and retail packaging, sign and banner equipment, food and beverage supplies and facility supplies. The company serves a national customer base through a platform that includes 22 sales and retail locations.