PPC Continues Folding Carton Build
Search
Share on twitter
Share on linkedin
Share on print
Share on email

PPC Continues Folding Carton Build

LBP Manufacturing, a portfolio company of PPC Partners since July 2015, has acquired the quick-service restaurant business of Dominion Packaging (Dominion QSR). Brett Hawkins, one of the founders of Dominion, is joining LBP as part of this transaction.

Dominion QSR is a producer of french fry cartons, meal boxes, pie cartons and other products used by national quick-service restaurant brands. The business operates out of a 245,000-square-foot manufacturing facility located in Richmond, VA.

“Brett and his team have built Dominion QSR into a market leader in the folding carton space,” said Matt Cook, CEO of LBP. “The company’s culture of customer service and commitment to innovation align with LBP’s core values. We are excited to add the Dominion QSR business to LBP.”

LBP is a maker of food and beverage packaging including cups, catering trays, clamshells and other containers. The company’s patented product portfolio includes Coffee Clutch hot cup sleeve, Beverage on the Move insulated beverage to-go carrier and THERMO GRIP double-wall hot cups.

LBP’s customers include, among others, McDonald’s, Dunkin’ Donuts and Starbucks. In September 2018, LBP received the 2018 Vendor Innovation Award from Dunkin’ Brands. LBP has approximately 750 employees and is headquartered just outside of Chicago in Cicero, IL and has additional facilities in Poland and China (www.lbpmfg.com).

“This acquisition will allow LBP to better serve its customers by rounding out the company’s portfolio of folding carton and corrugated packaging products,” said Thomas Chadwick, a Vice President at PPC Partners. “We continue to be enthusiastic in our support of LBP as they expand their value proposition to their customers.”

PPC Partners acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare.  The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. In July 2018, PPC Partners held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. PPC Partners has offices in Chicago and Los Angeles (www.PPCPartners.com).

Dominion Packaging, the seller of Dominion QSR, is a producer of folding carton products to the tobacco, beverage and food markets. The company is headquartered in Richmond, VA (www.dompkg.com).

© 2018 Private Equity Professional | November 14, 2018

Share on twitter
Share on linkedin
Share on print
Share on email

To search in site, type your keyword and hit enter