CORE Industrial Partners Furthers Its Investment Thesis into Folding Carton Packaging Sector with the Acquisition of General Converting

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CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today it has completed the acquisition of General Converting (the “Company”), a provider of premium folding cartons for well-known brands in the food, confectionery, and consumer markets.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, November 8, 2023
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Tags: 
Finance, Packaging, Banking, Supermarket, Professional Services, Small Business, Manufacturing, Food, Beverage, Asset Management, Retail, Detroit Century Box, Family, Winston & Strawn, Acquisition, Partnership, Printing, Growth, CORE, Candy
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ILLINOIS, UNITED STATES, NORTH AMERICA, MASSACHUSETTS
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CORE INDUSTRIAL PARTNERS, GENERAL CONVERTING
Summary
Key Points: 
  • CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today it has completed the acquisition of General Converting (the “Company”), a provider of premium folding cartons for well-known brands in the food, confectionery, and consumer markets.
  • Founded in 1982, General Converting is acclaimed for its quality, exceptional service, extensive technical expertise and robust in-house capabilities.
  • The combination of General Converting and CORE’s recent investment in Century Box forms a new platform in the folding carton space.
  • Frank Papa, Senior Partner at CORE and Chairman of the Board, said, “The acquisition of General Converting aligns with our strategy to build a folding carton packaging platform serving attractive end markets with a customer-centric approach.


CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today it has completed the acquisition of General Converting (the “Company”), a provider of premium folding cartons for well-known brands in the food, confectionery, and consumer markets.

Founded in 1982, General Converting is acclaimed for its quality, exceptional service, extensive technical expertise and robust in-house capabilities. The Company works with respected brands across the confectionery, food and consumer markets to produce tailored packaging solutions that maximize shelf-appeal and brand recognition. General Converting’s end-to-end capabilities, including structural design, sheeting, printing, die-cutting, and finishing ensure quality control over every stage of the process and result in high-quality, premium folding carton solutions. Headquartered in Bolingbrook, Illinois, General Converting operates out of a 122,000 square foot facility.

The combination of General Converting and CORE’s recent investment in Century Box forms a new platform in the folding carton space. Together, General Converting and Century Box have more than 85 years of experience and create a platform with an attractive customer base across food, confectionery and consumer end markets as well as an expanded geographic presence and capability set. The platform has three facilities covering nearly 325,000 square feet in Illinois and Massachusetts.

Frank Papa, Senior Partner at CORE and Chairman of the Board, said, “The acquisition of General Converting aligns with our strategy to build a folding carton packaging platform serving attractive end markets with a customer-centric approach. In addition, General Converting is highly complementary to the platform, extending our geographic reach with a presence in the Midwest and expanding our product portfolio by adding new customers in the candy and confectionery space. We are pleased to add General Converting to our newly formed platform and will continue to pursue complementary acquisitions as we build out our nationwide presence.”

Bob Ruebenson, CEO of General Converting, said, “Since our inception, we have differentiated ourselves by quickly and consistently delivering high-quality products to our customers. Our family, along with a great employee base, have built a differentiated business over the last 40 years, and we’re excited to have CORE as a partner as we enter a new chapter of growth for General Converting.”

Winston & Strawn LLP provided legal representation to CORE in the transaction. Mesirow served as the exclusive sell-side advisor to the Company.

ABOUT CORE INDUSTRIAL PARTNERS:

CORE Industrial Partners is a private equity firm with over $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses with offices in Chicago, Austin and Cleveland. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a demonstrated track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.

ABOUT GENERAL CONVERTING:

Founded in 1982, General Converting is acclaimed for its quality, exceptional service, extensive technical expertise and robust in-house capabilities. The Company works with well-known brands across the confectionery, food and consumer markets, among others, to produce tailored packaging solutions. Headquartered in Bolingbrook, Illinois, General Converting offers end-to-end capabilities, including structural design, sheeting, printing, die-cutting, and finishing, to ensure quality control over every stage of the process. For more information, visit www.generalconverting.com.

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