Industrial packaging products and services provider Greif has acquired a majority ownership of Centurion Container (Centurion) in an all-cash transaction valued at $145m.

The deal, which is pending customary closing adjustments will increase Greif’s ownership in the company from 9% to 80%.

Centurion, one of the leaders in intermediate bulk container (IBC) and plastic drum reconditioning in North America, operates a network of eight reconditioning facilities across the US.

Earlier in April 2020, Greif acquired a minority stake of the company as a move to its expand operation in North America.

With the increased ownership, Greif’s presence will expand in the North American region, the press release said.

The current deal was funded through Grief’s existing credit facility.

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Greif president and chief executive officer Ole Rosgaard said: “The Centurion joint venture has seen rapid growth since our initial investment in 2020.

“We are excited to take a majority stake in this business as it aligns with our strategy, is immediately margin-accretive and directly supports our third Build to Last mission of Protecting our Future through investments in the circular economy.”

Following the acquisition, Centurion will report its financial results within the Greif Global Industrial Packaging segment.

Furthermore, the deal will expand the company’s reusable and sustainable packaging solutions offering.

Centurion president and CEO Michael Chorpash said: “Greif has been a tremendous partner these past three years, and we are excited to continue to grow Centurion with them. Our two companies align well with our shared commitments to advance a circular economy and reduce greenhouse gas emissions.”

In December last year, Greif acquired Lee Container, a company that supplies blow-moulded containers, for $300m.

Centurion specialises in intermediate bulk container and plastic drum reconditioning.