Rainier Partners has acquired Calpine Containers, one of the West Coast’s largest packaging distributors serving the agriculture industry.
Calpine’s product line is extensive and ranges from bags and boxes to pallets and strapping. The company has 11 locations in California and Arizona that serve more than 500 produce growers and marketers located in numerous West Coast agricultural regions including Northern Mexico.
Calpine annually provides over 75 million containers to the produce, dried fruit and nut industries. The company was founded in 1895 as California Pine Box and Lumber Company and is headquartered near Fresno in Clovis, California.
Members of Calpine’s senior management team have retained an ownership interest in the company in partnership with Rainer, and CEO Walt Tindell, CFO Ken Sommers, and CAO Eva Hammond will continue to lead the company.
“Calpine’s track record of exceptional service, quality products, and fair pricing provides a solid foundation upon which we are excited to build,” said Alex Rolfe, a managing partner of Rainier. “We look forward to working with Walt and the entire Calpine team.”
“The entire Calpine team is excited to partner with Rainier,” said Mr. Tindell. “Since Calpine’s founding in 1895, we have worked hard to establish a reputation for excellent service and dependability. We look forward to continuing that tradition with Rainier’s support. Rainier’s distribution industry expertise and experience will be invaluable as we work to better serve our customers and capitalize on compelling growth opportunities in the market.”
“Calpine has a well-earned reputation as a dependable partner to its customers. We are thrilled Calpine has chosen to partner with us and look forward to supporting management as Calpine extends its 125-year history,” said Jon Altman, a managing partner of Rainier.
Rainier Partners invests from $10 million to $50 million of equity in lower middle-market businesses, primarily in the Western US and Canada, that have from $5 million to $25 million EBITDA. Sectors of interest include business services, financial services, industrial services, and consumer services. The firm was co-founded in 2020 by Mr. Altman and Mr. Rolfe and is headquartered in Seattle, Washington.
© 2021 Private Equity Professional | April 20, 2021