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12.6%
29.4%
16.8%
41.2%
STRATEGICPublicPrivate
FINANCIAL
DirectAdd-on
57.1%33.6%
9.3%
ProductsServicesEquipment
3January 2020www.capstoneheadwaters.com
In 2019, the Packaging industry attracted significant merger and acquisition(M&A) activity from buyers who primarily targeted packaging productmanufacturers (57.1% of deals) and service providers (33.6% of deals).Strategic buyers accounted for 42% of deal volume while private equity (PE)buyers displayed heightened appetite, composing 58% of deal activitycompared to 30.3% in 2018. The current low interest rate environmentcoupled with heightened levels of PE fundraising ($301.3 billion in 2019)1
have promoted deal activity in the Packaging sector. PE firms havetargeted packaging product and service operators that generate contract-based recurring revenue, bolster brand imaging and drive costeffectiveness by providing short-run personalized solutions, and displayfavorable margin profiles. Notably, private equity firm Warburg Pincus LLCacquired Pregis Corporation (June, $1.3 billion), a provider of innovativeprotective and flexible packaging solutions and automated equipmentsystems to Consumer and Industrial markets.
Despite the modest percentage of deals attributable to public strategicoperators, the blockbuster deals that occurred indicate the fragmentedindustry is increasingly consolidating. Public operators have pursuedmonumental acquisitions to bolster product offerings, capture new marketshare, and stimulate economies of scale. Notably, Berry Global Group(NYSE:BERY) acquired RPC Group (March, $5.8 billion, 7.6x EBITDA); andHillenbrand (NYSE:HI) acquired Milacron Holdings (July, ~$2.1 billion, 12.9xEBITDA) in a take-private deal.
TABLE OF CONTENTS
M&A Overview Key Trends & Drivers Notable Transactions Select Transactions Public Company Data Client Case Study Firm Track Record
MERGER & ACQUISTION OVERVIEW
Capstone Headwaters
PACKAGING2019 Year in Review
Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research
Buyer Breakdown Segment Breakdown
CONTACTS
David BenchManaging [email protected]
Tracy Patch [email protected]
Chris CardinaleVice [email protected]
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KEY TRENDS & DRIVERS
Growth and M&A in the Packaging industry havecontinued to be derived from robust e-commercespending, heightened demand for short-run customizablepackaging solutions, and innovations in cost-effectiveflexible packaging products and services. Favorablegrowth tailwinds have prompted deal activity in the spaceas strategic buyers and private equity firms look to investin businesses that provide contracted, cost efficient orspecialized custom service capabilities.
The most recent U.S. e-commerce sales figures reported14.4% growth year-over-year in e-commerce spendingthrough Q3 2019, according to the U.S. Census Bureau.2Consumer packaged goods (CPG) businesses are highlydependent on packaging firms that can providepersonalized flexible packaging products. These custompackaging solutions enhance brand promotion andreduce e-commerce shipping costs. The heighteneddemand has manifested in CPG operators willingness toincrease packaging spending, with 75% of CPG operatorsindicating they intended to increase spending in 2019,according to the 2019 L.K. Brand Owner Packaging Study.3Of those packaging spending budget increases, 37%expected an increase of 5% to 9% while 32% anticipatedan increase of greater than 10%.
Consequently, deal activity among flexible packagingproduct and service providers that provide comprehensivecustom solutions has been robust among both PE andstrategic buyers. Notably, Morgan Stanley private equityacquired PPC Flexible Packaging in 2017 (undisclosed)and has acquired five operators since its backing with two
Packaging | 2019 Year in Review
deals completed in 2019. In October, PPC, a converter offlexible packaging products primarily in the Cleanroomand Food & Beverage end-markets, acquired Popular InkLLC (terms undisclosed), a short-run, specialty packagingproduct and service provider for the Healthcare, PersonalCare, and Nutraceutical markets.
Outside of consumer-based packaging applications,highly specialized packaging solutions for heavilyregulated industries such as Healthcare, Industrial, andAerospace & Defense have also garnered heightenedbuyer interest. Specialized packaging solutions forHealthcare applications, such as controlled atmosphere,sterilized, and desiccant systems, require stringentregulatory adherence and International Organization forStandardization (ISO) certifications. Packaging productand service providers that ensure regulatory compliancegain access to niche end-markets that can be less cyclicalrelative to CPG businesses. As a result, providers in nichesectors achieve elevated margins to their consumer-centric peers and are expected to grow at 5.5% CAGRfrom 2019 to 2024, according to IBISWorld.4
Notably, Arsenal Capital acquired Clariant’s (SWX:CLN)Healthcare Packaging business (highlighted on followingpage) at an enterprise value of $314 million, representinga premium multiple of 13.2x EBITDA. In addition, WinpakLtd. (TSX:WPK) acquired Cheringal Associates andNorwood Printing (October, $42.2 million), a combinedoperation that provides printed packaging solution to thePharmaceutical, Healthcare, Nutraceutical, and PersonalCare end-markets, at a multiple of 1.7x revenue.
Source: IBISWorld
U.S. E-Commerce Sales U.S. Pharmaceutical Packaging and Labeling Services Market Size
Source: U.S. Census Bureau2
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E-Commerce Sales ($ in Billions)Avg. E-Commerce % of Retail Sales
Sonoco Products Company acquires Thermoform Engineered Quality LLC/Plastique Holdings(November 2019, $187 Million)
Sonoco Products Company (NYSE:SON) has acquired the operations of Thermoform Engineered Qualityand Plastique Holdings (together “TEQ”) from ESCO Technologies Inc. (NYSE:ESE) for $187 in cash,equivalent to 2.1x revenue.5 TEQ generated $88 million of revenue in fiscal year 2018.
Headquartered in Huntley, Illinois, TEQ is a global manufacturer of thermoformed packaging productsserving Healthcare, Medical Device, and Consumer industries. The company’s domestic andinternational manufacturing operations include three thermoforming and extrusion facilities in the U.S.as well as thermoforming and molded-fiber manufacturing facilities in the U.K. and Poland. In addition,TEQ produces recyclable, molded-pulp-fiber packaging and thermoformed plastic packaging forconsumer products customers primarily in Europe.
The acquisition expands Sonoco’s growing Healthcare Packaging business and highlights publiccompany appetite to expand into specialized end-markets that generate elevated margins. Theacquisition is expected to be accretive to Sonoco’s 2020 earnings.
Cerberus Capital Management L.P. acquires Operations of Closure Systems International, Inc.(October, $615 Million)
Cerberus Capital has acquired the North American, Costa Rican, and Japanese businesses and relatedfacilities of Closure Systems International (CSI) for an enterprise value of $615 million (~1.7x revenue).The businesses were acquired form Reynolds Group Holdings Limited, who will retain and continue tooperate the remaining Closures businesses in Europe, the Middle East, Egypt, and South America. Asthe largest producer in North America, CSI provides plastic and aluminum caps, closures, cappingequipment, and application systems to consumer packaged goods companies. CSI also offers premierhigh-speed beverage closure application equipment and technical consulting services.
“CSI continues to be at the forefront of innovation, addressing customers’ needs for functional, efficient,and environmentally conscious beverage closures,” said Lucas Batzer, Managing Director at Cerberus, ina press release.6
Arsenal Capital Partners acquires Healthcare Packaging Division of Clariant AG(July 2019, $314 Million)
Arsenal Capital, a New York-based PE firm that specializes in Specialty Industrials and Healthcaresectors, has acquired the Healthcare Packaging business of Clariant (SWX:CLN) for $314 million (13.2xEBITDA). The business will be rebranded as Airnov Healthcare Packaging.
Airnov is a leading international manufacturer of packaging products utilized to protect pharmaceutical,nutraceutical, and diagnostic products from moisture and oxygen. The company’s comprehensiveproduct suite includes customizable, premium quality drop-in products such as canisters and packets,integrated desiccant systems, and specially designs plastic bottled containing oxygen barrier materials.Airnov currently operates manufacturing facilities in France, the U.S., China, and India.
"Airnov has been a very successful corporate subsidiary where there is great potential as a stand-alonebusiness. We see a significant growth opportunity here and will bring investment in organic initiativesand a sustained focus on complementary acquisitions,“ commented Joe Rooney, an Investment Partnerof Arsenal, in the press release.7
Several notable transactions have already been announced or completed in the Packaging industry through 2019. Selecttransactions are outlined below, followed by a more comprehensive list on the following pages.
Acquires
Acquires
Acquires
NOTABLE TRANSACTIONS
Packaging | 2019 Year in Review
Healthcare Packaging Division
3
Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA
12/31/19 Power Packaging Manufacturing Solutions
Provides contract manufacturing services to consumer packaged goods companies.
- - -
12/20/19 Balcan Plastics BDT Capital Manufactures flexible packaging and lamination films. - - -
11/27/19 Assets of Transcontinential Hood Packaging Comprises paper and woven polypropylene packaging
operations in Canada. $179.9 0.8x -
11/25/19 Visual Packaging Starview Packaging Develops and manufactures packaging equipment including sealing, thermoforming, and other machines.
- - -
11/25/19 Flexographic Packaging
Advanced Barrier Extrusions
Offers custom printing, laminating, and converting packaging materials. - - -
11/18/19 TEQ Sonoco Manufactures thermoformed packaging for Healthcare, Medical Device, and Consumer markets.
$187.0 ~2.1x -
11/01/19 PVA Packaging of Multi-Pack U.S. Nonwovens Comprises packaging solutions for Consumer, Personal
Care, Healthcare, and Industrial sectors. - - -
10/18/19 Spartech Nautic Partners Manufactures engineered polymer structures, rigid barrier packaging, and specialty cast acrylics.
- - -
10/18/19 Grip-Pak ProMach Designs and produces beverage packaging supplies and solutions. - - -
10/15/19 Andpak ADDEV Materials Offers contract packaging of chemicals for Aerospace, Electronics, Industrial, and Consumer markets.
- - -
10/14/19 Operations of Closure Systems Cerberus Capital Comprises the North American, Costa Rican, and
Japanese manufacturing businesses. $615.0 - -
10/09/19 Popular Ink PPC Flexible Packaging
Produces packaging products and provides flexographic and custom printing services.
- - -
10/01/19 Cheringal Assoc./ Norwood Printing Winpak Offers printed packaging solutions to the Medical,
Nutraceutical, Cosmetic, and Personal Care markets. $42.2 1.7x -
09/17/19 Revolution The Stephens Group Produces closed-loop plastic bags for Agricultural, Consumer, and Industrial markets.
- - -
09/16/19 Schneider Packaging GenNx360 Capital Engineers, manufactures, and installs packaging
machinery across various industries. - - -
09/16/19 M’Plast Licaplast Industries-Emballages
Manufactures and converts polyethylene products for the Packaging industry. - - -
09/12/19 Juice Merchandising Apex Plastics Distributes juice bottles that are manufactured by Apex
Plastics to stores and distributors themselves. - - -
09/05/19 Packaging Products
Pacific PackagingProducts
Designs and manufactures packaging products for perishable goods.
- - -
09/05/19 DTM Packaging MassmanAutomation Produces bottling and packaging equipment. - - -
09/04/19 MMC Packaging Equipment Tekni-Plex Manufactures cap lining, cap slitting and folding, cap
assembly, and cap closing machines. - - -
08/27/19 Bell & Mackenzie Macro Group Engages in packaging and distribution of specialty abrasives, sandblasting equipment, and related parts.
- - -
08/21/19 StyroChem Canada PMC Capital;Clear Skies Partners
Produces expandable polystyrene products for food service, packaging, casting, and specialty applications.
- - -
08/17/19 Starplex Scientific Pretium Packaging Manufactures and supplies leakproof sample collectors and pharmaceutical/nutraceutical bottles.
- - -
Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research
Packaging | 2019 Year in Review
4
SELECT TRANSACTIONS
Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA
08/03/19 Kodiakooler Airlite Plastics Provider of innovative insulated packaging for temperature-sensitive products.
- - -
08/01/19 American Injection Molding AEA Investors; Pexco Manufactures custom tube, pipe and profile extrusions
and injection molded products. - - -
07/24/19 Cold Chain Technologies Aurora Capital Develops insulated thermal packaging solutions. - - -
07/18/19 Revolution Arsenal Capital Manufactures and supplies closed-loop plastic bags and other products. - - -
07/17/19 Texas Foam Huntington Foam Manufactures and offers polystyrene products and protective packaging.
- - -
07/16/19 Packaging Progressions
The Middleby Corporation
Designs and manufactures stainless steel packaging and processing equipment for the food industry.
- - -
07/16/19 Standard-Knapp EOL Packaging Designs, builds, and supports packaging machinery. - - -
07/12/19 Milacron Holdings Hillenbrand Manufactures, distributes, and services engineered and customized systems. $2,051.1 1.7x 12.9x
07/02/19 Nelipak Kohlberg Designs, develops, and manufactures custom thermoformed packaging products.
- - -
07/01/19 Stay Fresh Foods Universal Pure; Tilia Holdings Provides packaging solutions. - - -
06/28/19 Orchids Paper Products Cascades Comprises packaging and tissue production. $216.0 - -
06/26/19 Anchor Packaging The Jordan Company Manufactures plastic packaging for the foodservice retail and food processor industries.
- - -
06/17/19 Tri-State Distribution
Consolidated Container
Produces and distributes Pharmaceutical prescription packaging products.
- - -
06/13/19 Pivot Packaging Zume Manufactures packaging products for the Food & Beverage industry.
- - -
06/05/19 Pregis Warburg Pincus Manufactures, markets, and supplies protective and specialty packaging solutions.
$1,300.0 - -
06/03/19 Label Technology Fortis Solutions Group
Develops and manufactures pressure sensitive labels and packaging solutions and pouches.
- - -
06/03/19 Alpheus Enterprises Vinmar International Distributes plastic products including polymers, films, and related materials. $5.0 - -
05/24/19 Sonic Plastics Consolidated Container Company Comprises packaging production operations. - - -
05/20/19 Corenso Holdings America
Sonoco Products Company
Manufactures uncoated recycled paperboard (URB) for paper, packaging films, tape, and specialty industries.
$110.0 1.5x -
05/17/19 Spectrum/Go-2 Fulfillment DW Healthcare Engages in product development, custom designing,
and manufacturing of containers and packaging. - - -
05/14/19 Heritage Packaging Welch Packaging Group Operates as a supplier of corrugated packaging. - - -
05/07/19 Cool-Pak Solutions AGRO Merchants Group Provides storage and packaging services. - - -
05/02/19 UBS Printing WestRock Company Manufactures and supplies packaging cartons. - - -
Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research
Packaging | 2019 Year in Review
5
SELECT TRANSACTIONS (CONTINUED)
Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA
05/02/19 Three Rivers Packaging The Cary Company Manufactures industrial packaging supplies. - - -
05/02/19 Proactive Packaging
New-Indy Containerboard
Provides corrugated and retail shelf packaging products and merchandising trays.
- - -
04/22/19 Next Generation Films
Oak Hill; Leonard Green; Charter NEX Produces film packaging products. $1,070.0 1.2x -
04/16/19 Olcott Plastics Pretium Packaging Manufactures blow molded plastic containers. - - -
04/16/19 Injection Technology
Capital Partners; Parkway Products Offers plastic molding services. - - -
04/15/19 Electronics for Imaging Siris Capital Group Provides industrial format display graphics, corrugated
packaging and display, textile, and ceramic tile.$1,805.9 1.8x 26.6x
04/05/19 James L. Villa EasyPak Manufactures injection molded and thermoformed packaging products.
- - -
04/03/19 Custom Tool & Design Tessy Plastics Produces full-scale injection molds for the medical and
pharmaceutical market. - - -
03/28/19 Radva. Huntington Foam Comprises protective and temperature-sensitive foam packaging solutions manufacturing business.
- - -
03/20/19 Consolidated Container Company QualaWash Holdings Manufactures steel and rigid plastic containers for
Consumer, Healthcare, and Chemicals markets. - - -
03/15/19 Polychem Corporation The Sterling Group Manufactures packaging products and equipment. - - -
03/15/19 Central Packaging B2B Industrial Packaging Distributes packaging products and equipment. - - -
03/07/19 Allpak Container Golden West Packaging Group
Designs and manufactures consumer and industrial packaging products.
- - -
03/01/19 Pure-Stat Transcendia Manufactures packaging materials for the Electronics, Semi-Conductor, Medical, and Food industries.
- - -
02/25/19 Multi-Color Corporation WS Packaging Provides various label solutions in the United States,
Australia, Germany, and internationally. $2,523.1 1.5x 8.3x
02/13/19 Express Packaging HCI Equity Provides printing and contract manufacturing services. - - -
02/13/19 CPTechnologies Anomatic Supplies molded plastic components. - - -
02/05/19 HFM Packaging PPC Flexible Packaging
Designs and manufactures re-sealable packaging and lidding films.
- - -
01/28/19 CleanCut Technologies
Oliver Healthcare Packaging Manufactures medical device packing kits. - - -
01/14/19 Craft Canning + Bottling Eastside Distilling Provides mobile canning and bottling services. $5.2 0.9x 4.0x
01/08/19 Pacific Bag Taipak Enterprises Manufactures packaging materials and equipment. - - -
01/04/19 Saxco International Atlas Holdings Designs, develops, and distributes rigid glass and plastic packaging solutions.
- - -
01/03/19 Disc Graphics Oliver Printing & Packaging
Manufactures specialty packaging, labeling, and printing solutions.
- - -
Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research
Packaging | 2019 Year in Review
6
SELECT TRANSACTIONS (CONTINUED)
Source: Capital IQ and Capstone Headwaters Research as of December 31, 2019
Price % 52 Wk Market Enterprise LTM EV / LTMCompany 12/31/19 High Cap Value Revenue EBITDA Margin Revenue EBITDAAmcor Limited $10.94 93.0% $17,564.4 $23,759.9 $10,336.5 $1,388.1 13.4% 2.3x 17.1x
Avery Dennison $130.82 97.2% $10,923.8 $12,811.5 $7,065.9 $972.0 13.8% 1.8x 13.2x
Ball Corporation $64.67 79.0% $21,155.5 $27,998.5 $11,558.0 $1,814.0 15.7% 2.4x 15.4x
Berry Global $47.49 80.3% $6,273.4 $16,969.4 $8,878.0 $1,461.0 16.5% 1.9x 11.6x
Crown Holdings $72.54 92.7% $9,665.0 $18,208.0 $11,608.0 $1,606.0 13.8% 1.6x 11.3x
Graphic Packaging $16.65 98.2% $4,832.6 $8,718.6 $6,143.2 $977.0 15.9% 1.4x 8.9x
International Paper $46.05 95.5% $18,057.0 $28,162.0 $22,829.0 $3,882.0 17.0% 1.2x 7.3x
Mondi plc $23.48 91.5% $11,379.5 $14,572.1 $8,562.8 $1,756.0 20.5% 1.7x 8.3x
Owens-Illinois, Inc. $11.93 57.4% $1,856.7 $7,758.7 $6,698.0 $1,004.0 15.0% 1.2x 7.7x
Packaging Corporation of America $111.99 97.6% $10,519.6 $12,523.2 $6,990.8 $1,500.4 21.5% 1.8x 8.3x
Sealed Air Corporation $39.83 84.5% $6,154.4 $9,949.6 $4,752.5 $843.6 17.8% 2.1x 11.8x
Smurfit Kappa Group plc $38.45 98.4% $9,104.9 $13,371.5 $10,400.5 $1,574.0 15.1% 1.3x 8.5x
Sonoco Products Company $61.72 92.7% $6,178.0 $7,935.5 $5,421.0 $752.5 13.9% 1.5x 10.5x
WestRock Company $42.91 99.0% $11,080.6 $21,008.6 $18,289.0 $2,968.3 16.2% 1.1x 7.1x
Mean 16.1% 1.7x 10.5x
Median 15.8% 1.6x 9.7x
Harmonic Mean 15.8% 1.6x 9.8xEV = enterprise value; LTM = last twelve months$ in millions, except per share data
18.9%
26.8%
19.6% 18.2% 19.5% 17.0%
32.5%
45.5%
18.3%
24.1%
32.3% 33.3%
19.7% 19.5%
13.4% 13.8%15.7% 16.5%
13.8%15.9% 17.0%
20.5%
15.0%
21.5%17.8%
15.1% 13.9%16.2%
0%5%
10%15%20%25%30%35%40%45%50%
Gross Margin % EBITDA Margin %
Last Twelve Month Margin Performance
Packaging | 2019 Year in Review
7
PUBLIC COMPANY OPERATING & TRADING DATA
Capstone Headwaters Advises Laddawn, Inc. – Massachusetts
Capstone Headwaters successfully advised Laddawn, Inc. on its acquisition byBerry Global, Inc. (NYSE:BERY).
Laddawn, Inc., founded in 1976 and headquartered in Devens, Massachusetts,manufactures and distributes plastic bags and films for packaging applications,including poly bags, re-closable bags, tubing & sleeves, film & sheeting,mailers, and custom offerings. Focused on short-run solutions, Laddawn bringsits products to market via a unique-to-industry e-commerce web and mobilesales platform that provides customers with best-in-class technology tools tofulfill and customize packaging orders.
“We are extremely excited with what Laddawn’s proven web and mobile salesplatforms will bring to our Engineered Materials portfolio, as well as, thepossibility to expand these platforms to include other Berry products," saidTom Salmon, Chairman and CEO of Berry. “We believe Laddawn’s highly-technical online capabilities will support immediate growth, via this e-Commerce platform, to assist in quicker customer response times and smallorder fulfillments for the faster growing small and medium sized customerbase. The combined Laddawn and Berry custom film product portfolio willprovide a vast range of product offerings to thousands of valued customersfurther strengthening our core films business.”
Capstone Headwaters maintains an active Industrial & Manufacturing practice in the middle market, withPlastics & Packaging being an important vertical within our focus. This market presence allows Capstone Headwaters toprovide Plastics & Packaging companies with experienced, up-to-date market data and access to key decision makersamong the industry’s most active acquirers and investors.
has been acquired by
We expected the people of Capstone Headwaters to be smart andhardworking, but we discovered they were also genuinely good and caring.We would use Capstone Headwaters again and again because of theircharacter as much as for the very good results they achieved.”
“
- Ladd Lavallee, Laddawn Co-President
Packaging | 2019 Year in Review
8
CLIENT CASE STUDY
FIRM TRACK RECORD
Capstone Headwaters professionals have represented clients across various packaging and end-market specialties. Thisfocus allows Capstone Headwaters to provide packaging clients with real-time transaction feedback and immediate access tokey decision makers among the industry’s most active acquirers and investors. A sampling of Capstone Headwaters’ closedtransactions is shown below.
Packaging | 2019 Year in Review
has been acquired byhas been acquired byhas been acquired by
has been acquired byhas been acquired byhas been acquired by
has been acquired by
Portsmouth Paper Company
has been acquired by
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has been acquired by
CITATIONS
1. Pitchbook, “U.S. PE Breakdown 2019 Annual,” https://files.pitchbook.com/website/files/pdf/2019_Annual_US_PE_Breakdown.pdf, accessed January 14, 2020.
2. U.S. Census Bureau, “Quarterly Retail E-Commerce Sales 3rd Quarter 2019,” https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf, accessed January 14, 2020.
3. L.E.K., “Insights from the 2019 L.E.K. Brand Owner Packaging Study,” https://www.lek.com/insights/ei/2019-brand-packaging-study, accessed January 14, 2020.
4. IBISWorld, “Pharmaceuticals Packing & Labeling Services Industry in the U.S.,” https://www.ibisworld.com/united-states/market-research-reports/pharmaceuticals-packing-labeling-services-industry/, accessed January 14, 2020.
5. Sonoco, “Sonoco to Acquire Healthcare Packaging and Medical Device Thermoformer,” https://investor.sonoco.com/news-releases/news-release-details/sonoco-acquire-healthcare-packaging-and-medical-device, accessed January 14, 2020.
6. Cerberus Capital Management, “Cerberus Completes Acquisition of Closure Systems International,” https://www.cerberus.com/media/cerberus-completes-acquisition-of-closure-systems-international/, accessed January 14, 2020.
7. Arsenal Capital Partners, “Arsenal Capital Partners Completes Acquisition of Clariant’s Healthcare Packaging Business,” https://www.arsenalcapital.com/news/arsenal-capital-partners-completes-acquisition-clariants-healthcare-packaging-business, accessed January 14, 2020.
Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymaterially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subjectto change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters.The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. Thisreport may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information containedherein should not be construed as legal advice.
Packaging | 2019 Year in Review
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PACKAGING REPORT CONTRIBUTORS
Tracy [email protected] | 949-220-0540
Tracy is a Director in the Orange County office, supporting the management of the Western Region.Prior to Capstone Headwaters, Tracy worked as a senior banking professional in Morgan Stanley SmithBarney’s Capital Strategies Group and its predecessor, Citi Capital Strategies. She possesses over 15years of experience in middle market investment banking, working on both domestic and cross-bordertransactions. Her previous finance experience includes working in the hedge fund industry withCollins/Bay Island Securities LLC and Talisman Capital. Prior to that, Mrs. Patch worked withinstitutional fixed income sales at Vining Sparks IBG, LP and Robert Thomas Securities, Inc. She alsowas a manager at The Disney Company. Mrs. Patch holds an MBA from Pepperdine University and aBS in Finance from Miami University of Ohio. She is a Series 7 and 63 Registered SecuritiesRepresentative.
Christopher CardinaleVice [email protected] | 949-220-0537
Christopher is a Vice President in the Orange County office. He supports management and clients inthe Western Region. Christopher is engaged in the execution and advisory of mergers, acquisitions andstrategic capital raises. Prior to joining Capstone Headwaters, he was an associate with a boutiqueM&A firm focused on valuation, M&A advisory, corporate finance, acquisition target research and exit-planning strategy. His industry experience includes manufacturing, healthcare, TMT and consumer.Christopher was also a research analyst in the M&A department at United Capital Financial Advisors.He earned a BA from the University of San Diego. Christopher is a Registered Securities Representativehaving passed the FINRA Series 79 and 63 examinations.
David BenchManaging Director [email protected] | 949-734-7888
David is a Managing Director based out of Orange County. Prior to Capstone Headwaters, Davidmanaged the Western region for Morgan Stanley Smith Barney’s Capital Strategies Group and itspredecessor, Citi Capital Strategies. David has focused on middle market investment banking fornearly 32 years and has been the lead banker in over 250 M&A transactions involving both domesticand foreign corporate buyers, as well as leveraged recaps with private equity sponsors. David’sachievements in investment banking have gained national recognition by The M&A Advisor: one of histransactions was awarded the “Private Equity Deal of the Year,” while another was recognized as the“Energy Deal of the Year.” Mr. Bench has also been awarded “Middle Market Financing Professional ofthe Year,” an award recognizing M&A’s most accomplished professionals. Mr. Bench holds a BS andan MBA in Finance from Brigham Young University. He is a Series 7 and 63 Registered SecuritiesRepresentative and a Series 24 Registered Securities Principal.
Packaging | 2019 Year in Review
Benjamin Kelly Research [email protected] | 617-619-3390
Ben joined Capstone Headwaters in 2018 and serves as an Analyst on the Boston Research Team. Heworks directly with senior investment bankers, utilizing data and market analysis to deliver keyindustry insights to C-suite executives. Ben has a primary focus in the Industrial & Manufacturing andBusiness Services sectors. Prior to joining Capstone Headwaters, Ben worked as an intern at TheBaupost Group within its Portfolio Valuation department. Ben earned a BA in Economics fromProvidence College and is a Series 79 Registered Investment Banking Representative.
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www.capstoneheadwaters.com
Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle marketbusiness owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporaterestructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 450 professionals in 40 countries.
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170+ professionals17 offices
Boston Boise Burlington Chicago Dallas Denver Greenwich HoustonLos Angeles New York Orange County Philadelphia San Diego San Francisco St Louis TampaWashington DC
INTERNATIONAL
450+ professionals60+ offices in 40 countries
Asia: China India Japan Latin America: Argentina Brazil Chile Colombia Mexico Peru
Africa: Congo Egypt Ghana Ivory Coast Mauritius Morocco Senegal South AfricaEurope: Belgium Bosnia Croatia Czech Republic Finland France Germany Herzegovina
Hungary Ireland Italy London Netherlands Norway Poland Russia Serbia Slovenia Spain Sweden Switzerland Turkey United Kingdom
