CORE Industrial Partners Expands Its Investment in Folding Carton Packaging with General Converting Acquisition
Gracie Gottlieb | 8 November, 2023
Core Industrial Partners, a private equity firm focusing on manufacturing, industrial technology, and industrial services, has announced the completion of its acquisition of General Converting. General Converting is a renowned provider of premium folding cartons for well-known brands in the food, confectionery, and consumer markets. This strategic acquisition further solidifies Core Industrial Partners' investment thesis into the folding carton packaging sector.
Founded in 1982, General Converting is highly regarded for its exceptional service, quality products, extensive technical expertise, and in-house capabilities. The company collaborates with respected brands across various industries to develop customized packaging solutions that enhance shelf-appeal and brand recognition. With end-to-end capabilities including structural design, sheeting, printing, die-cutting, and finishing, General Converting ensures stringent quality control throughout the entire process, delivering high-quality, premium folding carton solutions. The company operates from its 122,000 square foot facility in Bolingbrook, Illinois.
The combination of General Converting and Core's recent investment in Century Box creates a new platform within the folding carton space. Together, these two entities boast more than 85 years of experience and strengthen the platform's customer base across the food, confectionery, and consumer end markets. The merger also expands the platform's geographical presence and capabilities. With three facilities covering nearly 325,000 square feet in Illinois and Massachusetts, the platform is poised for growth and success.
Frank Papa, Senior Partner at Core and Chairman of the Board, expressed enthusiasm about the acquisition, stating, "The addition of General Converting aligns perfectly with our strategy to establish a folding carton packaging platform that caters to attractive end markets with a customer-centric approach. Moreover, General Converting complements our existing platform by extending our reach into the Midwest and expanding our product portfolio to include new customers in the candy and confectionery industry. We are delighted to welcome General Converting to our newly formed platform and will continue our pursuit of complementary acquisitions as we build a nationwide presence."
CEO of General Converting, Bob Ruebenson, highlighted the company's commitment to delivering high-quality products promptly. He emphasized the dedication of the General Converting family and its exceptional employee base in building a distinctive business over the past four decades. Ruebenson expressed excitement about the partnership with Core and the opportunity for continued growth for General Converting.
In the transaction, Core was legally represented by Winston & Strawn LLP, while Mesirow served as the exclusive sell-side advisor to General Converting.
About Core Industrial Partners:
Core Industrial Partners is a private equity firm that has invested over $700 million in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. With offices in Chicago, Austin, and Cleveland, Core's team consists of experienced former CEOs and investment professionals who share deep expertise, beliefs, and a proven track record of building market-leading businesses. Core partners with management teams, leveraging its capital, insight, and operational expertise to create best-in-class companies. For more information, please visit www.coreipfund.com.
About General Converting:
Founded in 1982, General Converting is a renowned provider of premium folding cartons. Collaborating with well-known brands in sectors such as confectionery, food, and consumer markets, the company specializes in delivering tailored packaging solutions. Headquartered in Bolingbrook, Illinois, General Converting's comprehensive capabilities, including structural design, sheeting, printing, die-cutting, and finishing, ensure meticulous quality control throughout the entire production process. For more information, please visit www.generalconverting.com.
In conclusion, Core Industrial Partners' acquisition of General Converting marks an exciting new chapter for both companies. With their combined expertise and capabilities, they are well-positioned to meet the growing demands of the folding carton packaging sector while delivering exceptional value to their customers.
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