On Oct. 2, Delaware, Ohio-based industrial packaging supplier Greif announced it has acquired Reliance Products, Ltd., a producer of barrier and conventional blow-molded jerrycans and small plastic containers in Winnipeg, Manitoba.
The all-cash deal, reflecting approximately 6.75x proforma adjusted EBITDA, was funded through Greif’s existing credit facility, the company said in a news release.
“The acquisition of Reliance is a compelling bolt-on to our recently acquired Lee Container business and adds geographic breadth and an exciting new barrier technology to our jerrycan and small plastic container offering,” said Ole Rosgaard, President and CEO of Greif. “Reliance has built a strong business serving the Canadian market under the guidance of The Bodtker Group, and we intend to build on their technical expertise to unlock even more potential and growth.”
Reliance’s operations results will be reported within the Greif Global Industrial Packaging segment. Additional information on the acquisition will be discussed as part of Greif’s 2023 fiscal fourth-quarter earnings call scheduled for Dec. 7, the company said.
In August, Greif announced it had acquired 51% of the ownership interest in Ohio-based ColePak, the second-largest supplier of paper partitions in North America. In November 2022, the company agreed to acquire Lee Container Corporation, Inc. — a manufacturer of jerrycans and other barrier and conventional blow-molded containers — for $300 million.