The cash transaction would be funded through available capacity in Greif’s existing credit facilities, the company said in a news release. The deal is expected to close by the end of the second quarter of Greif’s 2024 fiscal year, subject to prior completion of the information-consultation processes under French law and closing conditions, including regulatory clearances.
Paris-based IPACKCHEM has more than 1,400 employees in 13 operating facilities located in eight countries. For the past 12 months that ended Sept. 30, IPACKCHEM generated sales of approximately $235 million and adjusted EBITDA of approximately $57 million.
“The IPACKCHEM portfolio is in perfect alignment with Greif’s strategic growth aspirations in jerrycans and other small plastics,” said Greif President and CEO Ole Rosgaard. “Its state-of-the-art facilities are located in many of the regions we already serve, leading to significant value creation opportunities. Further, IPACKCHEM allows us to enter into new and attractive geographies and end markets with a scaled position upon which we can further grow through organic investment. Greif is excited and will be eager to welcome the IPACKCHEM colleagues to our family and create lasting value together when the planned transaction is completed.”
SK Capital has owned iPACKCHEM since 2021.