Asset Sale Associated with CMA Clearance
RICHMOND, Va., Oct. 7, 2019 /PRNewswire/ -- Liqui-Box, a global supplier of bag-in-box packaging, has agreed to sell its bag-in-box business with customers based in the U.K. from its Wythenshawe, U.K., plant to Peak Packaging. The agreement gives effect to undertakings entered into by Liqui-Box with the U.K. Competition and Markets Authority (CMA) in respect of Liqui-Box's proposed acquisition of the flexible and rigid plastic packaging division of DS Smith PLC.
The U.K. CMA formally accepted the undertakings with Liqui-Box on September 30, 2019, concluding its investigation into the DS Smith acquisition. Liqui-Box customers outside of the U.K. will continue to be served by Liqui-Box from Wythenshawe, along with other locations. The supply by DS Smith/Rapak to their existing customers will be unaffected by the Peak Packaging transaction.
"We're happy to have clearance now in the U.K. and move one step closer to completing the acquisition of the DS Smith Plastics Division," said Ken Swanson, Liqui-Box's CEO. "Our team is prepared for a seamless handoff to Peak Packaging for customers in the U.K. and anticipate no service disruption for those outside of the U.K."
About Liqui-Box
At Liqui-Box, we're committed to being the packaging provider from which all good things flow: lower carbon footprints, faster speed-to-market, seamless production, better ideas and most important of all - impenetrable partnerships. By shaping our solutions around customer and sustainability challenges, we're able to deliver at every level.
Our ingenious liquid packaging outsmarts conventional methods by giving brands a bag that's tough enough to withstand harsh shipping conditions; is compact enough to shrink the number of trucks on the road; is made of significantly less plastic than its rigid counterparts; and still dispenses perfectly into that milkshake maker or washing machine.
Liqui-Box was founded in 1961 and operates globally. Stamford, Connecticut-based private equity firm Olympus Partners holds Liqui-Box among its portfolio of middle-market packaging and other businesses. More at liquibox.com.
About Peak Packaging
Peak Packaging is a privately owned Company and was formed in 1992. Peak Packaging is one of the leading manufacturers of 1000 Ltr liquid liners incorporating their own large range of produced fitments for the storage and transportation of liquid products within the Dairy, Food, Toiletries/Cosmetics, Chemical and Bio-Services industries. Peak Packaging has two manufacturing sites in the UK and Poland and has invested heavily in their factories and equipment over the last 5 years and continues to grow within its field. Both Factories are BRC -AA and FDA accredited and the company prides itself on its exceptional customer service.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services, and manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
Contact:
Simon Waller
+31 6 571 57 579
Paul Kase
+1 804-433-3834
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