[ID] => 9783
[post_author] => 288
[post_date] => 2018-06-28 08:33:48
[post_date_gmt] => 2018-06-28 07:33:48
[post_content] => US-headquartered Stone Canyon Industries (SCI) has announced that, through its BWAY Holding subsidiary, it has entered into a definitive agreement to acquire Industrial Container Services (ICS), "a leading provider of container solutions, container services and container management systems" that is currently majority-owned by investment funds affiliated with Centerbridge Partners. The transaction, which comprises a cash and stock consideration payable to ICS shareholders, has an enterprise value of approximately $1bn.
SCI anticipates that on a pro forma basis, after giving effect to the acquisition, existing ICS shareholders will have an approximately 11 per cent interest in BWAY. Furthermore, Centerbridge senior managing director Kyle Cruz will join the BWAY Board once the transaction has been completed, something that is itself subject to customary closing conditions, including regulatory approvals.
"We have a tremendous platform with [Mauser's reconditioning subsidiary] National Container Group (NCG) and ICS is the ideal partner to further our strategy of providing sustainable packaging solutions to our customers," says BWAY CEO Ken Roessler. "I look forward to working with [ICS CEO and president] Charles Veniez and the ICS team to bring the businesses together and create meaningful shareholder value."
"The combination of these great brands lays the foundation to create tremendous value and opportunities for our various stakeholders: employees, customers and vendors alike," Veniez adds. "Our ability to offer a full suite of products and services across vast geographies is exciting."
Commenting on the news, Cruz states: "Since our acquisition of ICS, we've partnered with Charles Veniez and his team to expand ICS's footprint and improve operational performance. Combining with BWAY represents a unique opportunity for ICS to become part of this broader platform of market-leading industrial packaging solutions."
SOUND ACQUISITION PLAN
Headquartered in Maitland, Florida, ICS employs a staff of around 1,700 across a network of more than 50 facilities located in 22 US states and six Canadian provinces. Describing itself as "the largest reconditioner in North America", ICS has pursued what it terms "an aggressive, strategically sound acquisition plan" since 2002, "when management and investors purchased the company from IFCO Systems, formerly known as PalEx Industrial Container Services".
Having embarked on 12 acquisitions since January of 2015, it most recently acquired Tote Detailing Specialists and Next Day Container in March this year and Dayton Industrial Drum at the end of 2017. Offering a broad array of collection, reconditioning and recycling services for all major industrial packaging types, ICS calculates that, among other things, it currently recycles more than 20,000 tonnes of steel per annum.
MAUSER MEETS DEMAND
Meanwhile, to meet growing demand from various end-user markets in Germany and the Benelux region, Mauser has installed a new state-of-the-art blow moulder at its intermediate bulk container (IBC) manufacturing and reconditioning plant in Erkelenz, Germany. Complementing this, the company has also increased process reliability at the site by automating material workflows.
"The latest generation of IBC blow moulders from in-house machinery builder Mauser Machinery enables the operations team to produce all current IBC types offered by Mauser," the company says. "The installation was flawless and provided customers a seamless transition as well as a 'business as usual' experience. With Mauser's commitment to providing the most comprehensive and sustainable packaging solutions, the new investment ensures the optimum supply of products to the markets of western Europe with further improved transport distances and reduced emissions."
[post_title] => Reconditioning: SCI adds ICS
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => reconditioning-sci-adds-ics
[post_modified] => 2018-06-27 08:39:37
[post_modified_gmt] => 2018-06-27 07:39:37
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=9783
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Reconditioning: SCI adds ICS
Mauser's NCG reconditioning arm is expanding in North America thanks to the latest takeover by its parent group Stone Canyon Industries